6 CEOs including Circle, FTX, Coinbase 12/8 went to the House to discuss the future of digital assets

By parismexi | BigoMex Trading | 3 Dec 2021

The Financial Services Commission announced on its official Twitter today (2) that it will invite the chief executives of six major U.S. cryptocurrency companies (Circle, FTX, Bitfury, Paxos, Stellar Developer Foundation and Coinbase) to attend on December 8. Held a hearing to discuss the future of digital assets and finance together.


The House of Representatives Financial Services Committee announced on the official Twitter today (2) that it will invite the chief executives of six major cryptocurrency companies in the United States to attend the hearing to discuss the future of digital assets and finance. The detailed attendance list is as follows:


*Jeremy Allaire, CEO of Circle, a stablecoin issuer


*Sam Bankman-Fried, CEO of exchange FTX


*Brian Brooks, CEO of Bitcoin miner Bitfury


*Chad Cascarilla, CEO of Paxos, a stablecoin issuer


*Denelle Dixon, CEO of Stellar Development Foundation


*Alesia Haas, CEO of Exchange Coinbase


According to the official statement, the discussion topic of the hearing is: the future of digital assets and finance: understanding the challenges and advantages of American financial innovation, and the goal is to make financial companies accountable to consumers and investors; it will be held on December 8th, US Eastern Time It will be held at 10:00 in the morning (23:00 on December 8th, Beijing time) and will be broadcast on the Internet.


A hearing on stablecoins may be held in the near future


Earlier last month, the President’s Working Group on Financial Markets issued a report: calling on Congress to supervise stablecoin issuers in the same way as banks, and to allow financial institutions to evaluate these fast-growing digital assets in the national payment system. Whether it constitutes a risk.


Soon after, Sherrod Brown, chairman of the Senate Banking Committee, also issued a notice to several cryptocurrency companies: Coinbase, Gemini, Paxos, Trust Token, Binance.US, Circle, Centre, and Tether, asking them to provide relevant purchases, Basic information on the exchange and minting of stablecoins, and related consumer protection mechanisms; and said that a hearing may be held at a later date.


Brown said that investors may not be aware of the complexity, unique features and terms of each stablecoin, and cryptocurrency platforms do not always provide users with the same protection.


"I am very worried about the non-standardized terms that apply to the redemption of certain stablecoins, how these terms are different from traditional assets, and that these terms may be inconsistent among digital asset trading platforms."

Is strengthening supervision useful?


According to a statement issued by the US Securities and Exchange Commission on November 30, regulators have carried out 434 enforcement actions in the fields of cryptocurrency, DeFi and dark web in 2021, an increase of 7% over the previous year.


Gary Gensler, chairman of the US Securities and Exchange Commission, said: We will track down misconduct anywhere in the financial system and hold individuals and companies accountable without fear or favoritism in the more than 100 trillion US dollars capital market we monitor.


However, Hailey Lennon, the founder and lawyer of CryptoConnect, believes that the cryptocurrency ban does not work. She believes that a country that tries to ban certain types of cryptocurrency activities will not end well. We have seen real examples in China, and these Bitcoin miners soon moved to other parts of the world.


Lennon cited other countries’ attitudes towards cryptocurrencies. For example, Thailand recently promoted the development of its tourism industry by allowing digital tokens to be used for travel, Japan revised its Payment Service Law to treat cryptocurrencies as property, and El Salvador introduced The Bitcoin policy framework makes it legal tender.


Lennon commented: Considering that regulators want to control the country’s monetary policy, the United States is far from making a similar policy decision, calling on the US government to speed up the bridging of this gap.


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