June 13 will be a big day for cryptocurrencies. Elected officials on both sides of the Atlantic will discuss critical issues. US and UK lawmakers will listen to discussions on crypto regulations on June 13.
Big day for cryptocurrencies!
cryptocoin.comAs you follow, the cryptocurrency industry is facing regulatory headwinds. In this tense environment, lawmakers in the United States and the United Kingdom are preparing to take the debate into the public arena. On June 13, both countries will host high-profile sessions. Accordingly, it will mark an important moment in the ongoing debate on digital asset regulation.
The UK Parliament will discuss the findings of the Crypto and Digital Assets All-Party Parliamentary Group (APPG) report on the need for cryptocurrency regulation. APPG President Dr. The debate, moderated by Lisa Cameron MP, will begin at 11:00 am.
Later in the day, the House of Representatives Financial Services Committee will hold a session titled “The Future of Digital Assets.” Here, participants will discuss providing clarity for the digital asset ecosystem. The session aims to focus the attention of lawmakers and the public on digital assets, their potential risks and benefits, and the government’s role in regulating them.
SEC action pushes immediate discussions for cryptocurrencies
These public debates come at a time when the cryptocurrency industry is grappling with increased regulatory scrutiny in the US. The U.S. Securities and Exchange Commission (SEC) recently filed a lawsuit against major cryptocurrency exchanges Binance and Coinbase for alleged multiple violations of securities laws. The SEC argues that these companies operate as unregistered stock exchanges. As such, he claims they mislead investors regarding their business activities and compliance efforts.
These actions by the SEC were met with significant backlash from the industry. Binance CEO Changpeng Zhao (CZ) said that the SEC’s actions constitute an attack on the entire cryptocurrency industry. Binance.US, the American subsidiary of Binance, announced that it will end its support for USD deposit and trading pairs as of June 13.
Coinbase CEO Brian Armstrong stated that the crypto industry needs regulatory clarity. He especially raised his voice, saying that this could only come from Congress or through jurisprudence. Armstrong stated that the United States will eventually reach the “right end” for crypto, whether through legislation, jurisprudence, or after the 2024 presidential election.
Crypto immigration from America!
Meanwhile, industry concerns extend beyond the SEC’s actions. Because there is a growing view that the regulatory environment in the US is stifling innovation and pushing projects out of the country. This sentiment moved the discussion from backroom conversations in federal agencies to a more public arena. That’s why he underlines the importance of the upcoming trial.
Meanwhile, in the UK, the APPG report outlines the government’s vision for the country to become a global hub for cryptocurrency and fintech innovation. The report highlights the need for regulation to protect consumers and ensure the UK’s leadership in this industry.
Discussions on crypto regulations continue to slide into the public domain. It is therefore possible for participants to insist on greater transparency and participation as markets prepare for regulation. Tomorrow’s sessions and discussions will likely give more insight into the future direction of cryptocurrencies. It will also make the discussions more visible to the public eye.
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