- The US House Financial Services Committee is to question top crypto executives next week
- The panel will discuss “the challenges and benefits of financial innovation” with representatives from Circle, FTX, Bitfury and more
- Few details have been released, but regulation and consumer safety will be high priorities
Top executives of eight major cryptocurrency firms will give testimony to the US House Financial Services Committee on December 8 to discuss “the challenges and benefits of financial innovation”. Witnesses called to appear include Coinbase’s Alesia Haas, Circle’s Jeremy Allaire and Bitfury’s Brian Brooks, and Sam Bankman-Fried of FTX Trading, with questions over the regulation of the cryptocurrency space likely to be the chief talking point. The hearing will be the first time companies representing the controversial sector have been questioned in this way, with subjects such as regulation and consumer protection likely to be high on the agenda.
Regulation Likely to be a Hot Topic
Not much information has been forthcoming about all the areas that will be covered during the hearing, but given that the subject includes “challenges and benefits” it’s clear that all areas of the cryptocurrency space will be under the microscope, from what it can offer to the dangers it poses.
Regulations in particular have been a watchword of 2021, but in truth there is little that the cryptocurrency chiefs can do about that except welcome regulation and say they will work with regulators to incorporate them.
Cryptocurrency Critics Get Their Chance Again
The hearing represents another chance for cryptocurrency big hitters to reinforce the benefits of cryptocurrency to a largely sceptical audience, with Allaire tweeting that he was relishing the chance to “discuss Crypto and national economic competitiveness for the United States.”
Among the noted critics of cryptocurrency is Brad Sherman (D-Sherman Oaks), whose campaigns are heavily backed by the kind of traditional finance businesses that the cryptocurrency movement aims to overhaul, so we can expect the usual lazy assertions on cryptocurrencies only being used by criminals and Bitcoin’s environmental impact.
