Top Cryptocurrency Regulators Say Before Congress: What To Look For

Top Cryptocurrency executives from crypto firms FTX, Paxos, Circle, Coinbase, Bitfury and Stellar will testify before the House Committee on Financial Services and in the crypto news today. Today we’re going to discuss some things to keep in mind during the process.

Top crypto executives from six crypto companies will testify before Congress today.

The event will also be broadcast live and reflect the growing importance of cryptocurrency in Washington DC, which could further affect future regulation of the fast-growing industry. Managers will also give written testimony at the hearing.

The official agenda for the hearing will mainly focus on stablecoins, but according to one person in the preparation it will spark a broader discussion about cryptocurrency and its place in the economic and social economy. The hearing is an opportunity for lawmakers to discuss how blockchain and cryptocurrencies could be the major emerging technologies of the last decade, fueling financial inclusion and innovation in the United States. The fact that the hearing can also serve as a platform for lawmakers to get viral media clips about their political establishment could give them greater grounding than a trial.

If so, the hearing might focus more on cryptocurrency scams rather than discussing its potential. Additionally, over the past year we’ve seen some Republicans adopt a pro-cryptocurrency stance while Democrats express skepticism and hostility towards crypto, such as Senator Elizabeth Warren. Warren won’t be attending the hearing, but several other progressives will. Brian Brooks will also testify to the CEO of mining company Bitfury while previously serving as an attorney for Coinbase, Chief Financial Officer and Head of the Office of the Comptroller of the Currency.

As the executives testify, Coinbase is the biggest name right now as it has a huge user base and went public earlier this year, which could result in committee members being swapped for what they believe to be the industry’s bigger flaws. . Coinbase made a risky decision by sending its CFO Alesia Haas in place of CEO Brian Armstrong, who was a huge fan favorite in the community.

Anyone who shows a lack of understanding of crypto during a hearing risks notoriety, especially with regard to the meme skills of the crypto community. Congressmen may find themselves ridiculed by social media in the years to come, but these hearings are often attended by a small audience that includes corporate and congressional staff. It is very unlikely that anything similar will happen during today’s hearing as it is the most famous crypto event.