Crypto Executives Urge Congress to Provide Regulatory Clarity for Industry

CEOs from six cryptocurrency companies testified before the House Financial Services Committee Wednesday calling on Congress to come up with clearer and bespoke regulations on the virtual currency, Reuters reported.

“Without tailored legislative solutions that are openly debated with public participation, the United States risks unnecessarily onerous and chilling laws and regulations,” Alesia Haas, CEO of Coinbase Inc., told the House panel during the hearing.

Circle CEO Jeremy Allaire; FTX Trading CEO Sam Bankman-Fried; Paxos CEO Chad Cascarilla; Denelle Dixon, CEO of the Stellar Development Foundation; and BitFury CEO Brian Brooks joined Haas during the hearing and urged lawmakers to provide regulatory clarity to help the cryptocurrency industry expand.

In response to a question by Rep. Alexandria Ocasio-Cortez, D-N.Y., Allaire said he believes they are “building a new global economic infrastructure layer” and that cryptocurrency should be integrated with the conventional financial system to establish “a hybrid model,” The New York Times reported.

Lawmakers will again discuss cryptocurrency next week in a hearing called by Senate Banking Committee Sherrod Brown, D-Ohio. The Senate panel has yet to finalize the list of witnesses for the hearing, which will focus on stablecoins.

POC - Digital Currency and National Security Forum

On Jan. 27, the Potomac Officers Club is bringing together distinguished government and industry leaders to offer the GovCon community an insight into the national security aspect of digital currencies.

POC’s Digital Currency and National Security forum will feature National Cyber Director Chris Inglis and Juan Zarate, global co-managing partner and chief strategy officer at K2 Integrity, as keynote speakers.

Video of the Day

GovCon Wire Logo

Sign Up Now! GovCon Wire provides you with Daily Updates and News Briefings about Technology

Related Articles

The Ultimate Guide to Winning Government Contracts Let us show you how top executives are winning so you can replicate it