Cryptocurrency
Crypto CEOs to Testify Before Lawmakers Weighing Greater Regulation
Crypto CEOs to Testify Before Lawmakers Weighing Greater Regulation Reported by WSJ.com WASHINGTON—The chief executive officers of half a dozen cryptocurrency firms are set to appear before Congress on Wednesday, as lawmakers and regulators wrestle with how to bring the more than $2 trillion market under government oversight. The House Financial Services Committee, led by […]
Crypto CEOs to Testify Before Lawmakers Weighing Greater Regulation
Reported by WSJ.com
WASHINGTON—The chief executive officers of half a dozen cryptocurrency firms are set to appear before Congress on Wednesday, as lawmakers and regulators wrestle with how to bring the more than $2 trillion market under government oversight.
The House Financial Services Committee, led by Rep. Maxine Waters (D., Calif.), called the hearing in hopes of improving lawmakers’ understanding of crypto assets and how the sector fits into existing regulations.
The CEOs of stablecoin issuer Circle Internet Financial Ltd., crypto exchanges Coinbase Global Inc. and FTX Trading Ltd., bitcoin-mining firm Bitfury Group Ltd., cryptocurrency-payments system Stellar Development Foundation and blockchain firm Paxos Trust Co. are scheduled to testify from 10 a.m. ET.
In a memo announcing the hearing, Democratic staffers from the committee highlighted concerns about investor and consumer protections and market integrity arising from crypto.
The executives are expected to tout the potential upsides of crypto and blockchain technology while playing down the risks. They are also likely to argue that cryptocurrencies don’t fit neatly within the existing structure of U.S. financial regulations and that lawmakers should consider writing tailor-made legislation for their industry.
Crypto supporters say that the technology can facilitate faster and cheaper transactions than traditional payment networks, and that it has the potential to foster innovation and financial inclusion. Policy makers worry that the rapid growth of crypto markets poses a threat to financial stability, that the sector is rife with fraud, and that criminals are using cryptocurrencies to evade taxes and circumvent anti-money-laundering laws.
Read the full article at WSJ.com