10:16 a.m. And yes, crypto twitter got a shoutout lol
10:15 a.m. Rep. Patrick McHenry (R-N.C.), the ranking member, calls 2021 “the year of cryptocurrency,” adds that much of the sector is already regulated, even if the regulations that exist are “clunky.” He warns against overregulating the industry in his opening statement.
10:14 a.m. Rep. Maxine Waters (D-Calif.), the committee chair, kicked off the hearing with “today’s hearing is part of this Committee’s ongoing [effort]” to understand crypto and the issues around it. Much of her opening statement resembled the hearing memo, outlining both what FSC has done this year on crypto as well as some of the key issues to be discussed.
10:02 a.m. While we wait for this hearing to get started, here’s a quick preview I wrote up for CoinDesk. The House Financial Services Committee also published a memo outlining the broad focus for today, which is worth a look as well.
10:00 a.m. The House Financial Services Committee is meeting to discuss crypto trading platforms and stablecoins today. CoinDesk’s Nikhilesh De will liveblog the hearing.
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