The US House Committee on Financial Services Subcommittee on National Security, International Development, and Monetary Policy is set to host a hearing on cryptocurrencies later next month. The US Congress have previously hosted similar discussions about Facebook’s Libra and digital currencies in general.
Facebook’s Libra might also be discussed.
Earlier, the US Congress had called in Facebook’s CEO and founder, Mark Zuckerberg, to testify and defend the company’s latest project Libra. US Congress has not published much information about the hearing, including witnesses or areas of potential inquiry. Facebook’s stablecoin Libra that is scheduled to launch this year might be among the topics of discussions. Representative Emanuel will chair the subcommittee.
US FinCEN to soon issue new crypto regulations
The US Treasury Secretary, Steven Mnuchin, revealed that the financial watchdog FinCEN is all set to roll out new requirements for the cryptocurrency market in the country. Crypto regulations all around the world are getting more strict day by day as countries continue to adopt FATF guidelines. Mnuchin said that they want to make sure that the technology moves forward but without compromising security. They want to make sure that crypto is not used as the equivalent of old Swiss secret number bank accounts, he added.
