During a hearing in front of the House of Representatives subcommittee, the crypto industry made a plea for Congress to set legal standards for digital asset businesses in the U.S. Industry representatives highlighted the industry's recovery after a turbulent period and the support it has gained from various federal entities, including the White House. Republicans criticized the Biden administration's approach to crypto, while the industry advocated for legislation like the one passed in the previous session of Congress. Former chairman of the Commodity Futures Trading Commission, Timothy Massad, cautioned lawmakers to involve the CFTC and SEC, as they have expertise in the technical aspects of crafting digital assets market-structure legislation. Democrats used the opportunity to criticize former President Donald Trump for promoting a "crypto scam" for personal gain.



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