{"id":380638,"date":"2021-12-14T03:20:00","date_gmt":"2021-12-14T00:20:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/law-decoded-a-different-congress-hearing-dec-6-13\/"},"modified":"2021-12-14T03:20:00","modified_gmt":"2021-12-14T00:20:00","slug":"law-decoded-a-different-congress-hearing-dec-6-13","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/law-decoded-a-different-congress-hearing-dec-6-13\/","title":{"rendered":"# Law Decoded: A different Congress hearing, Dec. 6\u201313"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a288593ca949\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a288593ca949\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-a-different-congress-hearing-dec-6-13\/#Hearing_the_industry\" >Hearing the industry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-a-different-congress-hearing-dec-6-13\/#BIS_Terrified_of_DeFi\" >BIS: Terrified of DeFi?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-a-different-congress-hearing-dec-6-13\/#CBDC_watch\" >CBDC watch<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Law Decoded: A different Congress hearing, Dec. 6\u201313 <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvOTEzNDAyZjEtOWJjNC00YzhkLWFmYTgtNDBjYjQ0NmNiYjNlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>The biggest regulatory story of the week was a United States House Committee on Financial Services hearing squarely focused on crypto. Even the event\u2019s title \u2014 \u201cDigital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States\u201d \u2014 conveyed a different vibe than countless previous Congressional meetings that had been first and foremost about investor protection or security risks or threats to financial stability.\u00a0<\/p>\n<p>Judging from reactions from many industry participants and experts, the exchange has been received as an overwhelming net positive, with legislators asking informed questions and otherwise acting like their goal was to understand this new thing rather than act on preconceived notions. Of course, there were tired questions about Bitcoin\u2019s environmental footprint and Representative Brad Sherman\u2019s anti-crypto rants, but the entire thing finally looked a lot like a constructive dialogue between the digital asset industry and lawmakers that we\u2019ve been longing to see for a while.<\/p>\n<p>Below is the concise version of the latest \u201cLaw Decoded\u201d <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter. For the full breakdown of policy developments over the last week, register for the full newsletter below.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Hearing_the_industry\"><\/span>Hearing the industry<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The hearing, called by the Financial Services Committee Chair Maxine Waters, centered on the role of crypto exchanges, the growth of the stablecoin sector, and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> issues around overarching digital asset regulation. Several top crypto CEOs were summoned to represent the crypto space.<\/p>\n<p>Some of the salient <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">theme<\/a>s discussed on the House floor included the crypto-powered decentralization of the digital ecosystem \u2014 a politically advantageous angle at the time when many U.S. lawmakers are uneasy about Web 2.0-era tech giants\u2019 power grab \u2014 as well as U.S. regulators\u2019 reluctance to give way to certain crypto investment products that could be seen as a symptom of a fragmented approach to regulation. The relationship between the U.S. dollar\u2019s global role and the growing demand for stablecoins also received much attention.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"BIS_Terrified_of_DeFi\"><\/span>BIS: Terrified of DeFi?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Just not to get too carried away by what feels like a win on the Congress floor, a note on the Bank of International Settlements\u2019 latest report on decentralized finance is in order. The \u201cbank for central banks\u201d took a deep dive into the sprawling DeFi space and came up with a handful of alarmist slogans such as \u201cdecentralization illusion\u201d to describe it.<\/p>\n<p>BIS analysts are concerned with some structural aspects of the DeFi landscape, such as liquidity mismatches and the lack of shock absorbers such as banks. The authors of the report maintain that the protocols governing DeFi activity carry risks of centralization, potentially leading to a concentration of power within these systems at the hands of the few. These assertions are sure to raise many eyebrows, especially among those closely familiar with the DeFi space.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"CBDC_watch\"><\/span>CBDC watch<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The BIS\u2019 taste for a more controlled financial innovation can be seen in the news about its specialized department, BIS Innovation Hub, being actively engaged in trials of the digital euro-based cross-border settlement, along with the central banks of Switzerland and France. The experiment was deemed a success, but the parties involved made a point to state that it does not warrant the ultimate issuance of a European CBDC.<\/p>\n<p>In other centralized digital currency news, a two-year-long investigation by the Reserve Bank of Australia concluded with a report that highlighted the potential for a wholesale central bank digital currency to improve the efficiency of financial market transactions.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/law-decoded-a-different-congress-hearing-dec-6-13\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Law Decoded: A different Congress hearing, Dec. 6\u201313 &#8221; The biggest regulatory story of the week was a United States House Committee on Financial Services hearing squarely focused on crypto. Even the event\u2019s title \u2014 \u201cDigital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States\u201d&#8230;<\/p>\n","protected":false},"author":1,"featured_media":380639,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvOTEzNDAyZjEtOWJjNC00YzhkLWFmYTgtNDBjYjQ0NmNiYjNlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75062,74858,75046,74863,52214,55229,70934,8575,2199],"class_list":["post-380638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bis","tag-bitcoin-regulation","tag-cbdc","tag-cryptocurrencies","tag-congress","tag-law","tag-regulation","tag-usa","tag-washington"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/380638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=380638"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/380638\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/380639"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=380638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=380638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=380638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}