What We Learned from the ‘Future of Digital Asset Regulation’ Hearing

[TradeSmith Daily]( What We Learned from the ‘Future of Digital Asset Regulation’ Hearing A U.S. Congressional hearing was held on June 23 to discuss the “Future of Digital Asset Regulation,” and we learned that invisible cryptocurrencies continue to face visible challenges. Congressman Sean Patrick Maloney (D-NY) chaired the hearing, which included frank language on whether the governing bodies were up to the task of competently regulating what Maloney called a “continually evolving and diverse digital asset.” In the “hot seat,” Vincent McGonagle, the current chair of the Commodity Futures Trading Commission (CFTC), asserted that the CFTC had the expertise and capacity to oversee the crypto market. He informed the assembly that the CFTC has been aggressively using its enforcement authority in the digital asset space, recording more than 50 enforcement actions since 2014. 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Most of the discussion centered around whether cryptos should be classified as a “commodity” or a “security.” What Happens Next? While it’s encouraging to see Congress hosting these discussions, it appeared they were out of their depth regarding the technology. One proposed solution is the creation of a hybrid regulatory authority. It would be staffed or informed by crypto industry experts who understand the nuance of the asset in ways the current regulators haven’t fully grasped. Hoskinson appeared to favor a more commodity-centric approach. It can feel discouraging that bitcoin has now existed for over a decade and there has yet to be a clear path forward on how to regulate it, but there is still tremendous value and opportunity through investing and trading in this new asset class. RECOMMENDED LINK [S&P just flashed RED — move your money]( [An elite investment system used by over 65,000 investors around the world just issued an urgent alert for the S&P 500](. 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