This week a ton of the talk and attention, rightfully so, is aimed at both the upcoming Ethereum "Merge" and also the U.S. CPI or inflationary numbers. The inflation data will be released tomorrow morning and with it, we will be able to not only get a better grip on where the U.S. economy is headed but also how the Federal Reserve will react. Without a sharp drop in inflation, the Fed is preparing us for another hike of 75 basis points. Arguably thought here is a more important event this week that not a lot of people are talking about but should.
The Senate Agriculture Committee is hosting a hearing, the first of its scale and scope, about proposed legislation from the Chairwomen and Ranking Members respectively. The Digital Commodities Consumer Protection Act or S. 4760 is an important piece of legislation because it would move the regulator head of the crypto industry from the SEC to the CFTC. Unlike other hearings on crypto where the government agency heads were not in attendance the Chairman of the CFTC will be testifying in person about this proposed legislation and what its impacts will be. This will allow Senators to ask questions to the person who they are aiming to put in charge of this very important regulation.
In the second-panel key players from the Stellar Foundation to Coinbase to Citadel Securities will be testifying in front of the whole agriculture committee. The committee did a very good job of inviting and getting the important players in the industry to attend and lend their advice/recommendations to the committee. Even if this bill makes it no further than this one hearing it will have already paved a huge path for future legislation to follow. For a bill to make it into law this is the key second step which so far no legislation has dealt with. Bills have been proposed but they have not had a hearing held for them nor had a markup to send to the Senate or House Floor. If the bill performs well and the feedback is positive there really is a huge chance that this bill could be marked up and sent to the Senate floor for a vote. Looking at all of the legislation proposed this bill would stand a good chance of passing and being sent to the House.
If it is sent to the House it will run into some issues as there has been no companion piece introduced on the House side which is needed to quickly pass a bill. It would be my fear then that this legislation would turn around and die in the House which means it will not be addressed this Congress and will be punted to next year when the 118th Congress starts meaning we will start over again. This might not be ideal and personally, I wish Congress would get it together and passed on if they do not we should not consider this a failure. A crypto legislation bill making it this far to a hearing is nothing to be ashamed about and something that really should be celebrated. It has paved the way for so many future bills to not only be considered but also be passed in the government to better the space for all.
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