Blockchain, Robinhood, and CFTC to testify in Congress about crypto bill.

Representatives from the United States commodities regulator, Robinhood, and blockchain will testify before Congress on June 6 to discuss a new proposed crypto bill.

The three parties will share their organizations’ views on a proposed bill that could see certain crypto tokens classified as digital commodities, among other things.

Blockchain’s Chief Legal Officer, Paul Grewal, stated on June 5 that he will be testifying before the House Committee on Agriculture to share blockchain’s views on the Digital Asset Market Structure Discussion Draft. Other witnesses called to testify include former CFTC Chair Chris Giancarlo, former CFTC Commissioner Dan Berkvitz, and FIAconnect founder Walt Lukken.

Grewal will also express his support for the proposed crypto bill and describe it as “a strong step forward in providing overdue regulatory clarity.”

The Digital Asset Market Structure Discussion Draft was released on June 2 and is part of a push from Republican congresspeople Patrick McHenry and Glenn Thompson to provide a statutory framework for digital asset regulation intended to provide clarity, fill regulatory gaps, and foster innovation, while providing adequate consumer protections.

The moves appear to align with blockchain’s long-running push for more precise regulatory guidelines for the crypto sector and would come just a day after rival crypto exchange Binance was slapped with 13 charges by the U.S. Securities and Exchange Commission.

In his testimony summary, Grewal argues that “digital assets do not collectively fit into any single existing regulatory box: some are commodities, some are securities, some are neither, and some simply don’t map onto existing categories.”

He also stresses the need for a regulatory framework that will protect consumers and enable the critical uses of this new technology to continue and grow.