U.S. House Financial Services Committee To Address Crypto Issues In September

According to CoinDesk, the U.S. House of Representatives' Financial Services Committee is set to address a range of cryptocurrency issues next month, including decentralized finance (DeFi) and matters related to the Securities and Exchange Commission (SEC). SEC Chair Gary Gensler is expected to face the entire committee later in September, making digital assets a significant topic of discussion. The committee, which oversees U.S. securities and most financial products, plans to hold a series of hearings on various aspects of the crypto industry. These hearings will cover DeFi, the SEC's oversight of digital asset businesses, and the implications of 'pig butchering' scams. The committee chairman, Rep. Patrick McHenry (R-N.C.), who is retiring at the end of the year, has prioritized finishing one of the bills to establish federal rules for crypto. The first hearing on September 10 will focus on DeFi, an area that has received mostly negative attention from regulators. Proposed rules from various federal agencies, including the SEC and the Internal Revenue Service, could have significant consequences for DeFi projects. On September 18, the committee will hold two hearings: one in the morning on the SEC's enforcement practices and another later on the implications of 'pig butchering' scams, where scammers pose as romantic partners to defraud individuals. A full-committee hearing on September 23 is expected to be particularly significant, with the SEC set to testify. The House panel is seeking testimony from Chair Gary Gensler and the rest of the five-member commission in the same hearing, an unusual approach. This comes as lawmakers negotiate legislation that could limit the SEC's jurisdiction over digital assets in favor of giving the Commodity Futures Trading Commission a more prominent role. While the possibility of crypto legislation this year remains uncertain, the calendar includes time for work on bills, and prominent lawmakers, including Senate Majority Leader Chuck Schumer (D-N.Y.), have expressed their intention to accomplish something. A spokesperson for the committee chairman did not immediately respond to a request for comment on the schedule planning.