Coinbase and the CFTC are among the organizations testifying in Congress about a proposed crypto bill aimed at providing clear regulations for cryptocurrency and its users. The bill attempts to establish regulatory jurisdiction and definitions, but it is acknowledged that it will require extensive reviews.

The purpose of the meeting is to discuss the proposed crypto classification and each organization's position on the bill. Providing clear regulatory guidelines for the crypto industry is an important step towards protecting crypto users, guiding crypto use, and helping the industry grow healthily.