The U.S. Congress Oversight and Investigations Subcommittee held a hybrid hearing on Bitcoin and cryptocurrencies. The institution summoned Alexis Goldstein, Director of Financial Policy for the Open Market Institute, Sarah Hammer, Managing Director at the Stevens Center for Innovation in Finance, Peter Van Valkenburgh, Director of Research at Coin Center, and others.
Adam Cochran, a partner at Cinneamhain Ventures, made a detailed summary of the event. The members of the Committee made their opening statements with Congressman Tom Emmer defending Bitcoin and the potential of blockchain technology to create more trust and transparency in traditional systems.
Similarly, Emmer criticized the lacked clarity on regulation and the danger of U.S. companies leaving to other territories consequently. The representative called for answers on a key topic: the classification of digital assets and whether they will be treated as securities, commodities, or currencies.
However, not every member of the Committee was an advocate of Bitcoin. Representative Brad Sherman claimed that “he would rather people make ‘bets’ in equity markets or the California lottery” than invest in BTC or cryptocurrencies. He added:
(…) the only advantage of crypto is avoiding KYC and its supported by anarchists for tax evasion.
Representative Anthony Gonzalez seemed to support cryptocurrencies and encouraged everyone to listen to the opinions of all the members in the Committee and not just the hostiles ones. He classified the idea of investing in the California lottery over Bitcoin as “ridiculous”.
U.S. Representive @RepAGonzalez, with a line of questioning that flips the typical argument against #Bitcoin on its back, “99.9% of money laundering with fiat currencies go unprosecuted” pic.twitter.com/cvbS3sfeHM
— Documenting Bitcoin 📄 (@DocumentingBTC) June 30, 2021
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