{"id":51354,"date":"2021-12-13T12:01:41","date_gmt":"2021-12-13T12:01:41","guid":{"rendered":"https:\/\/timestampmag.com\/?p=51354"},"modified":"2021-12-14T12:08:58","modified_gmt":"2021-12-14T12:08:58","slug":"crypto-executives-request-for-regulatory-clarity-during-congressional-hearing","status":"publish","type":"post","link":"https:\/\/timestampmag.com\/2021\/12\/13\/crypto-executives-request-for-regulatory-clarity-during-congressional-hearing\/","title":{"rendered":"Crypto Executives Request for Regulatory Clarity During Congressional Hearing"},"content":{"rendered":"<ul>\n<li>Six major crypto company executives went to the US congress for a landmark hearing.<\/li>\n<li>Call for tailor-made regulations was made while harsh regulations were cautioned against so as not to drive away innovation.<\/li>\n<li>The hearing has the crypto market optimistic and \u201coverwhelmingly positive.\u201d<\/li>\n<\/ul>\n<p>This week, the House Committee on Financial Services held a <a href=\"https:\/\/financialservices.house.gov\/events\/eventsingle.aspx?EventID=408705\" target=\"_blank\" rel=\"noopener\">hearing titled<\/a> \u201cDigital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States,\u201d featuring top executives from six major <a href=\"https:\/\/timestampmag.com\/2020\/03\/01\/whats-the-crypto-in-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a> companies.<\/p>\n<p>These executives included FTX CEO Sam Bankman-Fried, Bitfury CEO Brian Brooks, Coinbase CFO Alesia Haas, Circle CEO Jeremy Allaire, Paxos CEO Chad Cascarilla, and Stellar Development Foundation CEO Denelle Dixon who presented a united front in urging Congress to provide a clear regulatory framework for the growing crypto industry so that innovation can thrive in the US.<\/p>\n<p>\u201cWithout tailored legislative solutions that are openly debated with public participation, the United States risks unnecessarily onerous and chilling laws and regulations,\u201d warned Haas.<\/p>\n<h2>Growing Popularity of Cryptocurrencies<\/h2>\n<p>Chairwoman Rep. Maxine Waters (D., Calif.) commented on the popularity of digital assets, which has grown past <a href=\"https:\/\/www.business-standard.com\/article\/international\/crypto-world-hits-3-trillion-market-cap-as-ether-bitcoin-gain-in-trade-121110900065_1.html\" target=\"_blank\" rel=\"noopener\">$3 trillion<\/a> in value this year, saying it has \u201ccontributed to working families looking for alternatives to rebuild their nest egg.\u201d<\/p>\n<p>&#8220;Currently, cryptocurrency markets have no overarching or centralized regulatory framework, leaving investments in the digital assets space vulnerable to fraud manipulation and abuse,&#8221; she added.<\/p>\n<figure id=\"attachment_51356\" aria-describedby=\"caption-attachment-51356\" style=\"width: 533px\" class=\"wp-caption alignnone\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-51356\" src=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/12\/twitter.png\" alt=\"\" width=\"533\" height=\"657\" srcset=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/12\/twitter.png 533w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/12\/twitter-243x300.png 243w\" sizes=\"(max-width: 533px) 100vw, 533px\" \/><figcaption id=\"caption-attachment-51356\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/twitter.com\/RepTedBudd\/status\/1468667360903155723\" target=\"_blank\" rel=\"noopener\">twitter.com<\/a><\/figcaption><\/figure>\n<p>Rep. Patrick T. McHenry spoke against hasty and strict regulations, arguing that making a move without understanding the technology would \u201conly stifle American ingenuity and put us at a competitive disadvantage.\u201d Meanwhile, current regulations are \u201cclunk\u201d and not up to date, he added.<\/p>\n<p>Representative Pete Sessions was another one who came in support of the crypto industry as he said, &#8220;I am tremendously impressed. I see a lot of ingenuity, a lot of entrepreneurial spirit,&#8221; adding, \u201cWe need to be supportive of you.\u201d<\/p>\n<p>The crypto community saw this hearing as a win given that it was different from the last time in the manner that the lawmakers were open to understanding the industry and had their concerns addressed instead of being biased.<\/p>\n<p>While some called this hearing \u201c<a href=\"https:\/\/twitter.com\/jchervinsky\/status\/1468624234310213644\" target=\"_blank\" rel=\"noopener\">overwhelmingly positive<\/a>\u201d others saw this as a \u201c<a href=\"https:\/\/twitter.com\/pythianism\/status\/1468621576534847490\" target=\"_blank\" rel=\"noopener\">bullish<\/a>\u201d sign as congress members asked informed questions to make their next move regarding the rapidly-evolving crypto landscape.<\/p>\n<p>\u201cU.S. crypto regulation is fascinating and important, and after listening to this I&#8217;m optimistic it&#8217;s in solid hands,\u201d said Sam Trabucco, CEO of crypto quant trading firm Alameda Research.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Six major crypto company executives went to the US congress for a landmark hearing. Call for tailor-made regulations was made while harsh regulations were cautioned against so as not to drive away innovation. The hearing has the crypto market optimistic and \u201coverwhelmingly positive.\u201d This week, the House Committee on Financial Services held a hearing titled [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":51355,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[797,798,35,796,370,4,539,394,739,795],"_links":{"self":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/51354"}],"collection":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/comments?post=51354"}],"version-history":[{"count":1,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/51354\/revisions"}],"predecessor-version":[{"id":51357,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/51354\/revisions\/51357"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media\/51355"}],"wp:attachment":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media?parent=51354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/categories?post=51354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/tags?post=51354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}