Congress is set to hold what may be the most consequential hearing in years on the subject of cryptocurrency, with the heads of the two main U.S. financial market regulators in the hot seat. Clayton commented in his written remarks that he is "Open" to working with U.S. lawmakers, in addition to state regulators, on the question of new rules for trading sites. "As Chairman Giancarlo and I stated recently, we are open to exploring with Congress, as well as with our federal and state colleagues, whether increased federal regulation of cryptocurrency trading platforms is necessary or appropriate. We also are supportive of regulatory and policy efforts to bring clarity and fairness to this space." "As the Senate Banking Committee, the Senate Agriculture Committee and other Congressional policy-makers consider the current state of regulatory oversight of cash or 'spot' transactions in virtual currencies and trading platforms, consideration should be given to shortcomings of the current approach of state-by-state money transmitter licensure that leaves gaps in protection for virtual currency traders and investors," he wrote.