Regulatory Scrutiny Exposes Crypto Oversight Challenges

Law360 (October 4, 2019, 3:37 PM EDT) -- In the last few months, Congress has increasingly focused on the regulatory framework around wider consumer use of cryptocurrencies for payments — notably holding a pair of high-profile hearings in mid-July around the proposed Libra cryptocurrency.

In particular, the U.S. House Committee on Financial Services held a hearing on Sept. 24, with the commissioners of the U.S. Securities and Exchange Commission, during which Financial Services Committee Chairwoman Maxine Waters, D-Calif., pointedly noted that the new cryptocurrency must be “appropriately and rigorously regulated.”

The announcement of a number of ambitious plans for widespread consumer use of crypto payments has led to a closer...

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