Today was a significant hearing on Capitol Hill titled Digital Assets and Future of Finance: Understanding Innovations in the United States. It featured top executives from the crypto industry, such as Jeremy Allaire and Sam Bankman-Fried.
Here are some comments from financial regulators.
North Carolina Rep Patrick McHenry begins the hearing by asking for advice on how to make sure the crypto industry thrives in the United States. He emphasizes that it is not right to demonize the entire crypto industry based upon the actions of a handful of bad actors. The US stablecoin report was released by Gary Gensler, Chairman of the SEC, and other contributors. They suggested that only insured depository banks be permitted to issue stablecoins. Brooks also criticizes SEC’s regulatory actions for driving major stablecoin issuers offshore. Fidelity was specifically mentioned in the report. They moved to Canada with the Bitcoin spot ETF product. After being rejected by the US, Charles Cascarilla, Chairman of the SEC, suggested that only insured depository institutions be allowed to issue stablecoins. Interestingly, Maxine Wassers also accused Cascarilla of the same thing. Paxos’ partnership to Meta (Facebook) means that she worries that the PAXos dollar could be used by more than 3 billion monthly active users via NOVI. This could threaten the US dollar. Ann Wagner, Representative from Missouri, addresses the disparity between Chairman Gensler and industry participants’ feelings about regulatory clarity. Alesia Haas, Coinbase’s CFO, stated that she believed the securities laws regarding cryptocurrencies were clear. She said that blockchain tokens weren’t securities. Coinbase believes they are either a new type of digital property or a way to record ownership. Gensler, however, believes that most tokens are securities.
Marla Brooks – Financial Analysis
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