Still ongoing at the time of publication
Still ongoing at the time of publication, the House committee hearing seeks to discuss four key aspects of the crypto space: exchanges, stablecoin offerings, regulatory concerns in digital assets, and federal regulatory responses. Lawmakers will also likely discuss decentralized finance, given its potential to “replicate and replace conventional delivery of financial services such as loans, asset trading, insurance, and other services.”
Still ongoing at the time of publication
Still ongoing at the time of publication, the House committee hearing seeks to discuss four key aspects of the crypto space: exchanges, stablecoin offerings, regulatory concerns in digital assets, and federal regulatory responses. Lawmakers will also likely discuss decentralized finance, given its potential to “replicate and replace conventional delivery of financial services such as loans, asset trading, insurance, and other services.”
Related: US lawmaker urges congressional action on crypto as government avoids shutdown
Addressing the panel of crypto CEOs, Representative Patrick McHenry argued the technology in the crypto space was “already regulated” but acknowledged that any existing framework could be “clunky” and “not up to date.” According to the North Carolina congressperson, a lack of understanding among his fellow committee members could risk overregulating crypto and blockchain:
Related: US lawmaker urges congressional action on crypto as government avoids shutdown
Addressing the panel of crypto CEOs, Representative Patrick McHenry argued the technology in the crypto space was “already regulated” but acknowledged that any existing framework could be “clunky” and “not up to date.” According to the North Carolina congressperson, a lack of understanding among his fellow committee members could risk overregulating crypto and blockchain:
Brooks added that there were already examples of companies
Brooks added that there were already examples of companies involved in the digital asset space finding a more regulatory-friendly environment in other countries, such as Fidelity launching a Bitcoin (BTC) exchange-traded fund in Canada in the absence of the U.S. Securities and Exchange Commission’s approval of one. “There is a reason why crypto talent is no longer concentrated in Silicon Valley, the birthplace of the original commercial Internet,” said Brooks. “Sure, some talent has merely mo...
Brooks added that there were already examples of companies
Brooks added that there were already examples of companies involved in the digital asset space finding a more regulatory-friendly environment in other countries, such as Fidelity launching a Bitcoin (BTC) exchange-traded fund in Canada in the absence of the U.S. Securities and Exchange Commission’s approval of one. “There is a reason why crypto talent is no longer concentrated in Silicon Valley, the birthplace of the original commercial Internet,” said Brooks. “Sure, some talent has merely mo...
In a written statement released prior to the hearing
In a written statement released prior to the hearing, Allaire said Circle supported Congress’ efforts for “national licensing and Federal supervision” of stablecoin issuers, given many were now “too big to ignore.” Cascarilla seemed to echo this sentiment, describing the U.S. financial system as “inadequate” for handling the emerging digital economy, but blockchain technology may offer a possible solution: “A blockchain-based financial architecture could settle trades on the same day, mitigat...
In a written statement released prior to the hearing
In a written statement released prior to the hearing, Allaire said Circle supported Congress’ efforts for “national licensing and Federal supervision” of stablecoin issuers, given many were now “too big to ignore.” Cascarilla seemed to echo this sentiment, describing the U.S. financial system as “inadequate” for handling the emerging digital economy, but blockchain technology may offer a possible solution: “A blockchain-based financial architecture could settle trades on the same day, mitigat...
Crypto CEOs request Congress provide regulatory clarity at hearing on digital assets
The House Committee on Financial Services heard from several CEOs of major crypto firms in the United States, some of whom seemed to present a united front in urging lawmakers to provide a clear regulatory framework for crypto. Speaking at a Wednesday hearing titled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States,” Circle CEO Jeremy Allaire, FTX CEO Sam Bankman-Fried, Bitfury CEO Brian Brooks, Paxos CEO Chad Cas...
Crypto CEOs request Congress provide regulatory clarity at hearing on digital assets
The House Committee on Financial Services heard from several CEOs of major crypto firms in the United States, some of whom seemed to present a united front in urging lawmakers to provide a clear regulatory framework for crypto. Speaking at a Wednesday hearing titled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States,” Circle CEO Jeremy Allaire, FTX CEO Sam Bankman-Fried, Bitfury CEO Brian Brooks, Paxos CEO Chad Cas...
