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At the end of the month the US Congress held a hearing again

Date:2024-04-06 18:17:50 Channel:Wallet Read:
At the end of time, with the shadow of the end of the month hanging over the U.S. Capitol, a high-profile hearing once again struck, this time the focus was squarely on the future of digital currencies. As a shining pearl in the field of financial technology, digital currency is gradually changing our lifestyle and financial system. This article will delve into the challenges and opportunities faced by digital currencies in the U.S. Congressional hearings from multiple angles, revealing the stories and impacts behind them.
Digital currency, as an emerging financial instrument, is attracting increasing attention worldwide. At the U.S. Congressional hearings, digital currency attracted much attention and became a hot topic discussed by many lawmakers and experts. Among them, issues such as the supervision, security, and privacy protection of digital currencies have attracted much attention. These issues are not only related to the development direction of digital currency, but also directly affect the stability and future development of the financial system. In this storm, what role digital currency will play and how it will affect our lives and future is worthy of in-depth discussion.

The four most famous international exchanges:

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Huobi INTL
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First of all, the supervision of digital currencies will be one of the important topics at this hearing. With the rapid development of the digital currency market, regulation has become a sharp sword on the table. The volatility and decentralization characteristics of mainstream digital currencies such as Bitcoin and Ethereum pose many regulatory challenges. How the U.S. Congress will balance the relationship between regulation and innovation, protecting the interests of investors while not inhibiting the development of digital currencies, is a question that requires careful consideration. As one investor said: "Regulation is a double-edged sword for the development of digital currency. Excessive regulation may stifle innovation, but insufficient regulation will bring chaos to the market."
Secondly, the security of digital currency has attracted much attention. With the continuous development of blockchain technology, the security of digital currencies has been greatly improved, but at the same time, the emergence of hackers and cybercriminals has also cast a shadow on the digital currency market. In the past few years, many digital currency exchanges have been attacked by hackers one after another, and the security of investors' funds has been seriously threatened. Therefore, discussions on the security of digital currencies will be particularly important at U.S. Congressional hearings. A network security expert pointed out: "The security of digital currency is the cornerstone of its development. Only by ensuring the safety of investors' funds can we win the trust of the market."
In addition, the privacy protection issue of digital currency has also attracted much attention. As blockchain technology gradually matures, digital currency transaction records are permanently stored on the blockchain. Once the information is leaked, it will cause great losses to users. Therefore, the privacy protection of digital currencies has become a common focus of the market and regulatory agencies. At the U.S. Congressional hearing, discussions on digital currency privacy protection will further promote the standardization and healthy development of the digital currency industry. A privacy protection activist said: "Privacy protection of digital currency is very important. Only by protecting users' privacy can we win the trust and support of users."

According to news on July 24, following the Facebook Libra hearing, the U.S. Senate Banking Committee will hold a hearing next week on the topic of the regulatory framework for cryptocurrency and blockchain.

The committee said in a press release that it will hold a public hearing titled “Review of the Regulatory Framework for Digital Currencies and Blockchain” on July 30. Although it's unclear if this will be a fact-finding mission or if any specific legislation will be discussed.

(Screenshot from: banking.senate.gov)

It is reported that Circle CEO Jeremy Allaire (representing the Blockchain Association)
Association), Rebecca Nelson, member of the Congressional Research Service, and Mehrsa Professor of Law at the University of California, Irvine School of Law
Baradaran will attend the meeting as an expert hearing witness.

Like previous hearings, this hearing will be broadcast live.

It is reported that the Senate Banking Committee has held multiple hearings around the blockchain field, and the most recent one was around the topic of Facebook Libra.

At the hearing, members of Congress asked David Marcus, head of the Libra project and CEO of Calibra subsidiary
Marcus asked some pointed questions about the project, but rarely mentioned Bitcoin or other cryptocurrencies.

Instead, lawmakers made a good distinction between the cryptocurrency ecosystem and Facebook’s attempts, suggesting they may have a better understanding of blockchain technology and related asset classes than they have in the past.

Is this hearing on digital currency and blockchain a blessing or a curse? What do you think?

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