Crypto CEOs Head to Capitol Hill

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The House Financial Services Committee will hold a hearing with several prominent crypto CEOs on Dec. 8. The hearing titled, "Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States," is the latest from Congress to explore the issues concerning crypto assets.The Committee will hear testimony from a variety of heavy hitters in the industry:

  • Jeremy Allaire, CEO, Circle
  • Sam Bankman-Fried, CEO, FTX
  • Brian Brooks, CEO, Bitfury
  • Chad Cascarilla, CEO, Paxos
  • Denelle Dixon, CEO, Stellar Development Foundation
  • Alesia Haas, CEO, Coinbase Inc. and CFO, Coinbase Global Inc.

Congress has taken an interest in cryptocurrency and as I talked about yesterday article titled Morgan Stanley Sees Crypto Regulation Arriving Faster Than Expected they have a sense of urgency and are now looking to develop a set of rules for industry.

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As part of race for regulation congress has already held several hearings surrounding this subject. Senate Banking Committee chair Senator Sherrod Brown recently asked a number of crypto firms to hand over information related stablecoins which have been targeted the last few months. Their fear is in the event of an economic crisis, the entities (companies) that control the coins won’t have enough reserves to maintain a 1:1 exchange rate. The worst-case fear is that potentially drags down the value of the assets to which they’re pegged. That's why the Treasury Department recommended that stablecoins be subject to appropriate federal oversight. I still don't know what that oversight will look like, but I'm sure it will come up in this hearing.

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With all the talk about economic uncertainty and the threat crypto currencies supposedly pose I'm looking forward to these industry leaders getting educate those who make the rules. I've said that moving fast is bad, but moving fast with inaccurate or nonexistent information never works out. However, we have seen plenty of legislation pass and war started on less so I don't put it past these out of touch government officials to do the wrong thing. I'll be tuning into the hearing and I hope other do as well.

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The problem is they will screw it up no matter what. They will take bits and pieces from what they learn and try to find a way to favor theMAN not the country or world.

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Yes, we live in an era we’re we elect officials that are supposed to represent the people. However, they represent themselves and the special interest. Power makes people lazy self absorbed.

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Very true. They also do things for the lobbyists that line their pockets with money.

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We need to stop allowing campaign funding and multiple terms. Make it a $50k part time job so these people can make a career out of it.

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No doubt but you know that will never happen.

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I have to believe that the members of congress hosting and running this know that they're not on the side of the people. They know they're bastards and bitches but their greed knows no bounds. I'm pretty sure there is no actual country anymore, we just have vested interests by NWO factions and basically paramillitary groups running the actual show.

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They are out for themselves and special interests. I don't like either side but tend to lean more liberal on social issues (which should not even be governed) but there's been a collapse of the American political system. We need more moderation and less polarity in our parties.

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A start would be having elections with outcomes that weren't pre-determined with candidates running that actually were good and with more than two parties with actual power and votes.

There was massive voter fraud in the 2020 election. Biden isn't our President, Kamala isn't VP and the Democrat party as a whole is a mafia operation.

Republicans are equally as bad.

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I believe the election was fair, but agree that the two party system is flawed. I want to see ranked voting and popular vote happen.

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Good let them go on with the dog and pony show. We will just develop around them.

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Haha by the time they figure out how to regulate we will have changed the game. I never thought about that before. The pace of innovation is something I’ll have to blog about.

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They set their regulations down "on paper". That gives the developers a road map to work around.

It really is an ironic situation.

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Decentralized CEOs head to capital hill … nice

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Yeah I guess we can call them "decentralized" but anything is good at this point.

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Too bad no matter how well the industry insiders explain it, they likely won't understand it and just do what they want to do anyway. They need to understand that they can't apply the same old rules to this new thing. Unfortunately, I don't have very high hopes for this...

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