U.S. House Committee Planning Crypto Hearings Blitz in September

The U.S. House Financial Services Committee is gearing up for a series of crypto-focused hearings in September, including topics like DeFi, SEC enforcement, and "pig butchering" scams, CoinDesk reports.

What's the scoop?

• DeFi Under Scrutiny: On September 10, a subcommittee will examine decentralized finance (DeFi), which has faced regulatory scrutiny. New federal rules could challenge DeFi projects.
• SEC Enforcement Practices: September 18 will have two hearings: one on SEC enforcement actions and another on "pig butchering" scams, where romantic partners defraud victims.
• Gary Gensler on the Hot Seat: The full committee will hold a hearing on September 23 with SEC Chair Gary Gensler and the commission. Lawmakers will question the SEC's approach to digital assets as they consider legislation potentially reducing the SEC's authority over crypto.

Bankless Take:

While September’s typically a dull month for Bitcoin price action, it certainly will not be for regulation. With the SEC's enforcement practices under the microscope and legislation up for debate that could shift power away from the SEC to the Commodity Futures Trading Commission (CFTC), the outcomes of these discussions could hold significant implications for America’s crypto future. Though the possibility of passing new crypto legislation remains uncertain, with September’s schedule and Chuck Schumer’s recent call for passing legislation this year, momentum certainly seems to be ramping up.