In this report, we assess today’s Senate Agriculture Committee oversight hearing of the CFTC with regard to pending VC and other financial-policy questions.  Notably, Chairman Roberts (R-KS) took very strong issue with the Trump Administration’s proposal to fund the CFTC with user fees.  As with CFTC Chairman Giancarlo’s appearance before Senate Banking last week (see Client Report VC6) cryptocurrencies took center stage at today’s hearing, with senators on this committee wrestling like their Senate Banking colleagues with the proper role of VC regulation.  Sen. Roberts pointed to the potential benefits of cryptocurrencies’ underlying technology (i.e., blockchain), praising CFTC efforts to promote innovation while ensuring investor protection.  Ranking Member Stabenow (D-MI) agreed that consumer protection is a top concern but argued that there are worrisome gaps in protections for traders and investors.

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