U.S. crypto chiefs face congressional committee in December


Source: AdobeStock / Katherine Welles

“Several crypto CEOs” will be summoned to speak at a parliamentary hearing in the United States next month, according to the Blockchain Association, an industrial group representing many of the best players in the country.

In a series of tweets from the association’s director of government relations, Ron Hammond, CEOs to speak at a “large audience” that “will cover a variety of topics” – including stablecoin regulation and decentralized funding policies (Challenge).

The hearing is the brainchild of the House Financial Services Committee (chaired by Congresswoman Maxine Waters). Through On its own agenda, the committee will meet on December 8 for “a hybrid hearing titled ‘Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.’

Hammond noted that since this would be a full committee hearing, observers could “expect a wide range of expertise” from politicians, but did not indicate which CEOs would be in attendance.

He claimed stablecoins were “the dominant crypto policy issue in recent months,” noting that lawmakers were “currently grappling” with whether fiat-pegged tokens are “deposits. bank or not “and feared they might” cause a bank panic.

Regarding DeFi, he added that “many detractors of DeFi” are now sounding “the alarm bells” in Washington although “the industry itself is very complex and everyone on [Capitol] Hill is trying to understand the problem better.

He added that four other agenda items had been tabled, namely:

  • Social media and Twitter activity, which “unfortunately, is gaining importance in our meetings”. Politicians, Hammond said, have “learned that the best way to understand crypto is to go on Twitter.” The problem is, “a lot of things C-Suite executives and influencers say on Twitter are seen as vitriolic or condescending to the DC public.”
  • Climate change, which has become “a major political priority” for “both sides” of the political spectrum, who have “expressed concern” about the impact of bitcoin (BTC) on global emissions.
  • Unfounded allegations on how crypto “helps the unbanked” who weren’t backed up with “real, fully working examples.” Hammond advised, “Focus your arguments on aid to the United States.”
  • Volatility of gas fees, with “arguments focused on the lack of transparency for consumers”, as well as claims that “wealthier individuals” may “skip the line” – a cause of “alarm” among “critics”.

The government relations director added that “there are a lot of crypto champions” in Washington, but urged those “who hope to appeal to a wider audience” to consider the intricacies of the critics’ arguments, as well as the concerns. of “those on the fence.”

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