US Senate to hold debate on cryptocurrency, blockchain regulatory framework

The U.S. Senate Banking Committee will hold a broader debate next week on a regulatory framework for cryptocurrencies and blockchain.
The official committee announcement shows that the hearing will be held on July 30 and will be titled “Examining the Regulatory Framework for Digital Currency and Blockchain.”
Planned witnesses will be Jeremy Allaire, co-founder and CEO of payments company Circle, who will speak on behalf of the Blockchain Association; Rebecca M. Nelson, an expert on international trade and finance at “Congress’ think tank,” the Congressional Research Service; and Mehrsa Baradaran, a professor of law at the University of California, Irvine School of Law.
The hearing is scheduled for 10 a.m. ET and will be live-streamed.
Lawmakers Focus on Regulatory Concerns Beyond Libra <br />The announced hearing follows a congressional committee hearing on Facebook’s Libra earlier this month. The U.S. Senate Banking Committee reportedly spotlighted social media giant Facebook on its planned cryptocurrency project Libra, with concerns raised over privacy, trust, and regulatory compliance.
After the Banking Committee hearing, Chairman Mike Crapo and member Sherrod Brown shared additional insights they focused on. Crapo said:

"We have to look at how we structure data protection in the United States, and we need to take a comprehensive approach. Exactly what that structure is, I can't tell you."
During a second day of hearings before the U.S. House Financial Services Committee, a House representative asked David Marcus, CEO of Facebook’s planned Calibra wallet service, how lawmakers were expected to trust a company that collected, stored and misused customer data after it was hit with a $5 billion fine.

Source: Cointelegraph