June 22 (Cointime) - Nilmini Rubin, the Chief of Staff and Head of Global Policy at Hedera, testified before the House Subcommittee on Commodity Markets, Digital Assets, and Rural Development about the future of digital assets and the impact of cryptocurrencies on the blockchain industry.

The lack of regulatory clarity in the US was identified as a hindrance to the development of the industry. Public blockchains, also known as "web3", allow for unprecedented personal control over data and assets without the need for centralized intermediaries.

Congress should pass legislation to create an activities-based framework that regulates the use of digital assets based on the nature of the transaction, and differentiate between "Digital Commodity" and "Digital Security" to improve consumer safety.

The CFTC should be empowered to regulate certain Digital Commodity activities, and legislative clarity for digital assets is necessary to enable public blockchains to thrive and allow American innovators to continue playing a leading role in the future of the Internet.