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Cryptocurrency Executives to be Questioned in Congress

On December 8, executives from eight key cryptocurrency companies will appear before a US congressional committee.

Alesia Haas of Coinbase, Jeremy Allaire of Circle, and Brian Brooks of Bitfury have all been summoned to testify.

It will be the first time that corporations associated with a contentious industry have been questioned in this manner.

Crypto-currencies have been the subject of increased attention from legislators across the political spectrum in the United States.

Elizabeth Warren, a member of the Democratic Party’s left wing, has urged for more stringent regulation of the industry, while Donald Trump has labeled crypto-currencies “a hoax.”

Mr. Brooks of Bitfury formerly worked as a key financial regulator in the Trump administration, where he was involved in crypto-currency policymaking.

Although crypto-currency can be used to make payments, they are not currencies in the classic sense. They’re kept online in a “digital wallet” and behave more like investment vehicles or securities, with considerable volatility.

Because of the secrecy of crypto-currencies, they have become popular for illegal operations such as drug trafficking and ransomware assaults. Their proponents, on the other hand, argue that the perception that they are only interested in skirting the law is outmoded, and that innovation in this field has enormous promise.

Countries have adopted vastly varied approaches to crypto-currencies throughout the world.

China has made cryptocurrency transactions illegal, and India appears to be following suit. Many other central banks are keeping a wary watch on the industry and debating regulation.

El Salvador, on the other hand, just proclaimed Bitcoin – the most frequently used crypto-currency – to be legal cash, and the country’s president aims to develop a Bitcoin city at the base of a volcano, with the cryptocurrency as a source of funding.

States and towns around the United States have began experimenting with proposals to integrate crypto-currencies into governmental operations, in addition to numerous individual residents owning them.

Miami’s mayor and New York’s mayor-elect both want to make their cities hubs for bitcoin trading.

According to the statement from the US House Financial Services Committee, the hearing will focus on “the difficulties and rewards of financial innovation.”

Sam Bankman-Fried of FTX Trading, Chad Cascarilla of Paxos, and Dennelle Dixon of the Stellar Development Foundation have also been invited to testify.

Bob Carlson
Bob Carlson
Bob Carlson is a business journalist, with over a decade of experience in the trenches of reporting up-to-date business news for publications all over the world. With a wealth of knowledge at his back, Bob strives to bring the most important insights into the business world for TheOptic daily.
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