House Committee Announces Crypto CEOs Will Testify At December 8th Hearing

Maxine Waters, Chair of the House Committee on Financial Services, announced that several executives of major crypto companies in the US will speak at a hearing on digital assets.

According to Wednesday’s announcement, said Waters, Circle CEO Jeremy Allaire, FTX CEO Sam Bankman-Fried, Bitfury CEO Brian Brooks, Paxos CEO Chad Cascarilla, Development Fund CEO Stellar Developer, Denelle Dixon and Alesia Haas, CEO of Coinbase Inc. and Coinbase World Wide CFO, will witness a House Committee hearing on December 8th.

The hearing entitled Digital Assets and the Future of the Financial Industry: Understanding the Challenges and Benefits of Financial Innovation in the United States, is the latest from Congress examining the challenges of adopting crypto assets.

On the other side of the U.S. Capitol, the chairman of the Senate Banking Committee, Sherrod Brown, urged several crypto companies to post information on consumer and investor protection online. Notifications to Coinbase, Gemini, Paxos, TrustToken, Binance.US, Circle, Center and Tether requesting information by December 3rd indicate that the committee may be planning future stablecoin hearings.

Related: US Congress plans to hear the committee on demystifying cryptocurrencies on November 17th

Although committees of both the US House of Representatives and the US Senate have previously discussed topics related to stablecoins, central bank digital currencies and blockchain, lawmakers seem to be paying more attention to this technology as the main interest in the respective area grows. In November, the President’s Working Group on Financial Markets issued a report recommending that stablecoin issuers in the United States should be subject to the same “reasonable federal control” that banks and laws are “urgently required” to address to risk .