Coinbase, FTX and Paxos Execs to Speak at a Congress Hearing
The United States government, like other governments around the world, is becoming highly interested in the cryptocurrency space after the recent growth. Governments are now working to regulate the crypto market.
Congress Calls Several Crypto CEOs to Speak At an Upcoming Hearing
Maxine Waters, the chairman of the House Financial Services Committee, announced yesterday that some cryptocurrency executives have been called to speak at an upcoming hearing. The hearing is scheduled for December 8 and will feature some of the leading names in the crypto space.
The hearing is titled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.” According to Waters, some of the witnesses are CEO of leading cryptocurrency companies. They include; FTX’s Sam Bankman-Fried, Bitfury’s Brian Brooks, Paxos’ Chad Cascarilla, Circle’s Jeremy Allaire, Stellar’s Denelle Dixon and Coinbase’s Alesia Haas.
Although a Coinbase executive will be present, it is not the CEO Brian Armstrong. The Coinbase CEO has had a tussle with the United States Securities and Exchange Commission in recent months.
In September, Armstrong revealed that the SEC had told Coinbase to suspend its Yield Program as the regulator views the product as a security. At the time, Armstrong stated that the SEC didn’t tell the exchange why the program was a security. Furthermore, he claimed that the SEC didn’t clarify any existing guidelines for the cryptocurrency exchange to follow regarding its crypto yield program.
Regulation of Crypto in the US Remains Fragmented
The United States, like most countries around the world, continues to struggle to regulate the cryptocurrency market. The crypto regulation in the United States remains fragmented as the regulators seek to further understand how the market works.
The United States Treasury Department said it wants stablecoin issuers to be regulated like regular banks. The Office of the Comptroller of the Currency also pointed out that banks must seek regulatory permission before they can engage in certain cryptocurrency activities.
At the moment, it is unclear the regulatory agency that is in charge of overseeing the cryptocurrency space in the United States. However, regulatory clarity would be attained with time.