US Congress to Hold Hearing on ICOs This Week

Congress Cryptocurrencies ICOs

The US House of Representatives Financial Services Committee is convening this week to discuss a slew of cryptocurrency related topics, including the cryptocurrency markets and regulation surrounding Initial Coin Offering (ICOs).

The hearing, which will be held on March 14th at 10 a.m. EST, comes just a month after the US government’s first crypto-related hearing between the SEC and the CFTC. Many cryptocurrency enthusiasts are wondering whether the US Congress will reflect the same bullish sentiment as the CFTC and SEC.

The hearing will be entitled “Examining the Cryptocurrency and ICO Markets,” and additional information regarding the details of the hearing can be found on the Financial Services Committee’s website.

According to CoinDesk, US Representative Tom Emmer, a member of the committee, said that the hearing would be mainly educational, and the purpose would be to provide the members with information regarding the cryptocurrency and ICO markets.  He also said that members of the committee are interested in learning more about the developing technologies, and more specifically the ways in which the technologies can enhance things like remittance services.

The upcoming Congress meeting comes just a week after the SEC announced that it would be looking at regulating cryptocurrency exchanges based in the United States, and only a couple weeks after the SEC announced it would begin cracking down on Initial Coin Offerings, as many have scammed investors.  These have been the first major steps in regulation taken by the US government and are cohesive with the CTFC’s recommendation for a “do no harm” approach to regulation.

Although the US government has thus far had a very optimistic tone towards the cryptocurrency markets, even the smallest news of regulation has a big impact on the market.  News of the SEC regulating US based exchanges was one of the factors in the markets decline over the past few days, with Bitcoin’s price dropping from over $11,000 to under $9,000. 

The tone of this week’s hearing could have an impact on the markets and could also provide further insight into how the US government wants to go about both regulating the markets and utilizing blockchain technologies to its benefit.