Maxine Waters (Co-Chairwoman of the House Committee on Financial Services) announced that the hearing would take place on December 8.
The assembly is entitled “Digital Assets & the Future of Finance: Understanding Financial Innovation’s Challenges and Benefits in the United States”. It aims to dispel some of the myths legislators have about the crypto industry and its technology.
A number of prominent crypto industry figures will attend, including Circle CEO Jeremy Allaire who supports regulation, Sam Bankman Fried from FTX and Bitfury boss Brian Brooks. Paxos CEO Chad Cascarilla, Stellar Development Foundation’s Denelle Dixon, Alesia Haas as Coinbase’s CFO.
Brian Armstrong, Coinbase Global CEO is absent due to the recent regulatory battle for its crypto lending services. Tether, the most widely used stablecoin in the world, is not represented either. This also puts policymakers at risk.
Congress is now more interested in crypto assets industry after it surpassed $3 trillion in market capitalization last month.
Chad Cascarilla, a CNBC correspondent, spoke on “Squawk on the Street”, Dec. 2, to discuss the potential hearing. He stated that the first angle was about how our financial future will be different and how technology is changing people’s lives. The national currency was then his next topic.
“It is also going to be about dollar because the dollar is changing. The type of product the dollar represents is changing. It is important that the U.S. maintains its financial primacy to remain able to adapt to the changing world. This includes how people use it and what their lives look like.
Next week, crypto executives will be testifying before the House Financial Services Committee. Chad Cascarilla, @PaxosGlobal CEO and witness, joined us today to discuss the regulatory changes he would like to see in this space. #Bitcoin $ETH [email protected] pic.twitter.com/5YQqKkfX7N
— Squawk on Street (@SquawkStreet), December 2, 2021
Stablecoins: Eyes on it
Congress has held numerous meetings to discuss the crypto industry. Sherrod Brown, the head of U.S. Senate Banking Committee, wrote to stablecoin CEOs in late November asking for more information about their redemption and issuance processes.
Since their backing and reserves have not been officially audited, stablecoins are a growing concern for U.S regulators. The Treasury Department recommended that stablecoins be subject to “appropriate federal supervision” in November.
SeeNews Featured Image
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.