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Senate Banking Committee Hold Debate on Crypto and blockchain regulatory1 min read

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The United States Senate Banking Committee is set to hold a broader debate on crypto and blockchain regulatory frameworks next week.

An official committee announcement indicates the hearing — entitled “Examining Regulatory Frameworks for Digital Currencies and Blockchain” — will take place on July 30.

As per the announcement, witnesses set to appear are co-founder and CEO of payments company Circle, Jeremy Allaire, who is set to appear on behalf of the Blockchain Association, Rebecca M. Nelson, a veteran in International Trade and Finance and lastly, Mehrsa Baradaran, a Professor of Law, from the Irvine School of Law at the University of California.

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The scheduled hearing comes not long after Senate hearings took place earlier this month regarding Facebook’s forthcoming crypto project Libra. As reported by TSA, the Banking Committee of the U.S. Senate showed the social media giant no mercy during the session regarding its upcoming stablecoin. The Banking Committee of the U.S. Senate specifically grilled Facebook around issues on regulatory compliance, trust and privacy, in light of the social network’s past transgressions

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During a hearing at the U.S. House Financial Services Committee held the following day, one House representative asked David Marcus — the CEO of Facebook’s planned Calibra wallet service — how lawmakers could be expected to trust a firm whose collection, storage and misuse of customer data had landed it a $5 billion penalty.

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