Top executives from six of the largest companies in the crypto space will testify before the House Financial Services Committee at an upcoming hearing.
What Happened: In an announcement last week, congresswomen Maxine Waters (D-CA) called on the CEOs of six major crypto companies to speak at a hybrid hearing titled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.”
The hybrid hearing will be held on Wednesday, December 8 at 10:00 AM ET.
The executives speaking at the hearing include:
- Jeremy Allaire, co-founder, chairman, and CEO of USDC (CRYPTO: USDC) issuer Circle.
- Samuel Bankman-Fried, the 29-year-old billionaire founder and CEO of crypto exchange FTX.
- Brian P. Brooks, former Acting Comptroller of the Currency who now serves as CEO of crypto mining company Bitfury Group. Brooks also served as the CEO of Binance.US for a brief period of four months.
- Chad Cascarilla, CEO of blockchain infrastructure company Paxos Trust Company. Several institutions, including Interactive Brokers Group Inc (NASDAQ:IBKR), which offer users cryptocurrency trading through Paxos solutions.
- Denelle Dixon, CEO and Executive Director at the Stellar Development Foundation. Stellar is behind the blockchain Stellar (CRYPTO: XLM).
- Alesia Jeanne Haas, CEO of crypto exchange Coinbase Inc. and CFO of Coinbase Global Inc. (NASDAQ:COIN).
Why It Matters: The agenda of the hearing is expected to focus on ensuring the “accountability of large financial institutions and emerging tech products and services.”
Chairwoman Waters is known to be a critic of the crypto industry and its largely unregulated nature.
In 2019, she convened a hearing in regards to Facebook’s – now Meta Platforms Inc (NASDAQ:FB) – proposed cryptocurrency Libra.
Despite the rebranding to Diem and a host of other changes, Meta has been unsuccessful in launching its cryptocurrency despite several years of discussions with regulators.
Related Link: IS REGULATION BAD FOR CRYPTO?
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