Eight CEOs from major crypto firms have been called to testify before the U.S. House Financial Services Committee on December 8, reports Reuters.
Cryptocurrency and the crypto space have long been looked down upon by regulators and members of Congress as a space of extreme volatility and a haven for illicit transactions. This marks the first time that participants within crypto are being asked to testify before lawmakers.
The session is entitled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States,” reports the press release from the U.S. House Committee on Financial Services.
Among those summoned are Alesia Haas, CFO of Coinbase Global; Sam Bankman-Fried, CEO of FTX Trading; Jeremy Allaire, CEO of Circle; Chad Cascarilla, CEO of Paxos; and Dennelle Dixon, CEO of Stellar Development Foundation. Also included is Brian Brooks, CEO of Bitfury and former Comptroller of the Currency under Trump; Brooks helped to shape current cryptocurrency policies in relation to banks.
The United States continues to grapple with the acceptance of cryptocurrencies, despite its adoption in spot funds in other countries. Several senators have recently called for increased crackdowns within the sector that is largely unregulated within the United States, including Senator Elizabeth Warren, who has spoken strongly in regards to the volatility of the space.
It remains to be seen what will come of the Congressional hearing, but with some of the biggest executives heading to Washington to speak on behalf of cryptocurrency, it will be a meeting of note.
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