Crypto CEOs will testify for the upcoming hearing next Wednesday, Dec. 8. The discussion entitled "Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States will focus on tackling cryptocurrency-related issues.
Crypto CEOs to Discuss More on Digital Assets
In a recent report by Cointelegraph, the chair of the House Committee on Financial Services, Maxine Waters confirmed that select executives from the biggest cryptocurrency companies will testify for the hearing that is centered on challenges posed during crypto adoption.
Per Waters' announcement on Wednesday, Dec. 1, the hearing would include Coinbase CEO Alesia Haas, Stella Development Foundation CEO Denelle Dixon, Bitfury CEO Brian Brooks, Circle CEO Jeremy Allaire, Paxos CEO Chad Cascarilla, and FTX CEO Sam Bankmna-Fried.
Looking forward to hearing next week with @RepMaxineWaters, ranking member @PatrickMcHenry, and the full committee (@FSCDems) to discuss Crypto and national economic competitiveness for the United States. https://t.co/rVHAvaPMUd
— Jeremy Allaire - jda.eth / jdallaire.sol (@jerallaire) December 1, 2021
US statesmen have been keen on investigating the impact of cryptocurrency in the United States amid its increasing adoption. Despite its popularity along with NFTs, many people wanted a strict regulation to control its flow.
Meanwhile, Sherrod Brown, the Senate Banking Committee chair suggested launching a special hearing about stablecoins. The senator urged the cryptocurrency companies to be transparent when it comes to the protection of their investors and consumers.
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In this regard, many crypto firms, including Tether, Centre, Binance.US, Circle, Gemini, Paxos, Coinbase, and TrusToken, took note of the announcement. This would hint that a future hearing about stablecoins could happen soon.
Previously, the House and the Senate tackled the common issues in the blockchain space. The lawmakers recommended the authorities have a look at the growing interest of people and firms for digital currencies.
Last month, the President's Working Group on Financial Markets proposed a plan on subjecting stablecoin users to "appropriate federal oversight" related to banks. To mitigate any risks that could happen at any time, the organization urged to pass the legislation very soon.
How Countries Deal With Cryptocurrencies
In another report by BBC on Thursday, Dec. 2, several nations around the world have a unique way to address the surge of cryptos. For instance, Chinese authorities considered crypto transactions as illegal. This decision could be seen next in India since many central banks want the sector to impose tight regulations for it.
In November, Tech Times reported that El Salvador is planning to construct the first "Bitcoin City" in the world. Following the country's decision to make crypto a legal tender, President Nayib Bukele announced that it would cost around 300,000 BTC to build that city.
In the United States, many companies are starting to integrate cryptocurrencies into several businesses. Some of them included digital currencies as an official mode of payment for particular services.
The committee said that the Dec. 8 hearing would also discuss the benefits of financial innovation on top of crypto issues.
For more blockchain-related topics, you can check our latest article about the top crypto projects that you can follow in 2022.
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Written by Joseph Henry
