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Congress ceos coinbase circle bitfury paxos

congress ceos coinbase circle bitfury paxos

Six executives from Coinbase, Circle and FTX were called to offer some insight into what’s going on with the market. The title of the hearing is “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.” Sounds thrilling… (Seriously, though, Congress really needs to work on their marketing.)

This session, led by Congresswoman Maxine Waters, Chair of the Financial Services Committee, is pro-regulation. In a different hearing, she asked witnesses:

Today, I look forward to hearing from our panel about the risk of fraud and market manipulation that can hurt retail investors and regular consumers. Furthermore, I look forward to learning about the systemic risks presented by hedge funds rushing to invest in highly volatile cryptocurrencies and cryptocurrency derivatives.

Note the framing here. Regulators are always saying they want to understand crypto.

Prominent industry figures are always saying they’re ready to educate regulators. Coinbase is a notable exception, as it has been warring with the Securities and Exchange Commission (SEC) over the blacklisting of its LEND product. As a gesture of peace, Coinbase is sending its CFO to Congress.

In addition, five other executives from Circle, FTX, the Bitfury Group, Paxos and Stellar spoke during the hearing.

Is that why the crypto market dropped 20%? We don’t think so…

A possible surprise from the audience?

These hearings typically involve small and well-behaved audiences that consist almost entirely of Congressional and corporate staff. But sometimes there are surprises—one famous example is “Bitcoin sign guy” who photobombed former Chair of the Federal Reserve Janet Yellen:

It’s unlikely that something similar will occur during Wednesday’s hearing but, given that this is the most high profile crypto event in Washington in years and the colorful nature of the crypto community, we can’t rule it out.

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Positive reception

The majority of committee members who spoke during the hearing supported the idea of ​​not stifling innovation in the crypto space. While some questions arise about how regulators can ensure investor protection, the overall outcome of the discussion is positive and encouraging for the crypto space.

Jake Chervinsky, a well-known cryptocurrency attorney and chairman of the Blockchain Association, commented on the hearing by calling it “the most positive, constructive, and non-partisan public event on money.”

Congressman Patrick McHenry has called the crypto sector the “next generation of the Internet”. He added that the US Congress must work together impartially to regulate the growing sector.

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Reception to Hearing Was Positive

The majority of the committee members who spoke during the hearing supported the idea of not stifling innovation in the crypto sector. While several questions were posed as to how regulators can ensure investor protections, the general outcome of the discussion was positive and encouraging for the cryptocurrency space.

Jake Chervinsky, a notable crypto lawyer and the head of the Blockchain Association, commented on the hearing by calling it “the most positive, constructive, and bipartisan public event on crypto.”

Committee ranking member Patrick McHenry has called the cryptocurrency sector the “next generation of the internet.” He added that U.S. Congress must collaborate in a non-partisan way to regulate the burgeoning sector.

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