{"id":378200,"date":"2021-12-08T18:53:47","date_gmt":"2021-12-08T15:53:47","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-ceos-request-congress-provide-regulatory-clarity-at-hearing-on-digital-assets\/"},"modified":"2021-12-08T18:53:47","modified_gmt":"2021-12-08T15:53:47","slug":"crypto-ceos-request-congress-provide-regulatory-clarity-at-hearing-on-digital-assets","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-ceos-request-congress-provide-regulatory-clarity-at-hearing-on-digital-assets\/","title":{"rendered":"# Crypto CEOs request Congress provide regulatory clarity at hearing on digital assets"},"content":{"rendered":"<p>&#8220;<strong># Crypto CEOs request Congress provide regulatory clarity at hearing on digital assets  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>The House Committee on Financial Services heard from several chief executive officers at major crypto firms in the United States, some of whom seemed to present a united front in urging lawmakers to provide a clear regulatory framework for crypto.<\/p>\n<p>Speaking at a Wednesday hearing on <em>Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States, <\/em>Circle CEO Jeremy Allaire, FTX CEO Sam Bankman-Fried, Bitfury CEO Brian Brooks, Paxos CEO Chad Cascarilla, Stellar Development Foundation CEO Denelle Dixon, and Alesia Haas, the CEO of Coinbase Inc. and the CFO of Coinbase Global, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=4oOTvtupND8\">told<\/a> U.S. lawmakers about the challenges their companies faced as both stablecoin issuers and digital asset exchanges.<\/p>\n<p><iframe loading=\"lazy\" title=\"Digital Assets and the Future of Finance: Understanding the Challenges and...(EventID=114305)\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/4oOTvtupND8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>In a written statement released prior to the hearing, Allaire <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.circle.com\/blog\/circle-ceo-to-congress-u.s.-at-pivotal-moment-on-digital-assets\">said<\/a> Circle supported Congress\u2019 efforts for \u201cnational licensing and Federal supervision\u201d of stablecoin issuers given many were now \u201ctoo big to ignore.\u201d Cascarilla <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/docs.house.gov\/meetings\/BA\/BA00\/20211208\/114305\/HHRG-117-BA00-Wstate-CascarillaC-20211208.pdf\">seemed<\/a> to echo this sentiment, describing the U.S. financial system as \u201cinadequate\u201d for handling the emerging digital economy, but blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> may offer a possible solution:<\/p>\n<p>\u201cA blockchain-based financial architecture could settle trades on the same day, mitigate counterparty risk and eliminate the costly central clearinghouse,\u201d said the Paxos CEO. \u201cThis would enable market participants and regulators to monitor and correct settlement and margin shortfalls in real time. We agree that shortening the trade settlement cycle should be a high priority for the SEC, and we are working aggressively to make that possible.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/d36de25a-6a71-459e-93d3-1ccec8679600.png\"><figcaption style=\"text-align: center;\"><em>Circle CEO Jeremy Allaire addressing the House Committee on Financial Services on Dec. 8<\/em><\/figcaption><\/figure>\n<p>Brooks <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/financialservices.house.gov\/uploadedfiles\/hhrg-117-ba00-wstate-brooksb-20211208.pdf\">added<\/a> that there were already examples of companies involved in the digital asset space finding a more regulatory-friendly environment in other countries, such as Fidelity launching a Bitcoin (BTC) exchange-traded fund in Canada in the absence of the U.S. Securities and Exchange Commission <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roving of one. <\/p>\n<p>\u201cThere is a reason why crypto talent is no longer concentrated in Silicon Valley, the birthplace of the original commercial Internet,\u201d said Brooks. \u201cSure, some talent has merely moved from Silicon Valley to Miami \u2014 but a surprising number of talented founders have left for Portugal, Dubai, Abu Dhabi, Singapore, and other jurisdictions that are not at all unregulated but that have a more positive posture toward innovation and growth.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>US lawmaker urges congressional action on crypto as government avoids shutdown<\/em><\/strong><\/p>\n<p>Addressing the panel of crypto CEOs, congressperson Patrick McHenry argued the technology in the crypto space was \u201calready regulated\u201d but acknowledged that any existing framework could be \u201cclunky\u201d and \u201cnot up to date.\u201d According to the North Carolina representative, a lack of understanding among his fellow committee members could risk overregulating crypto and blockchain:<\/p>\n<blockquote><p>\u201cWe need reasonable rules of the road, we know that. We don\u2019t need knee-jerk reactions by lawmakers to regulate out of fear of the unknown rather than seeking to understand. And that fear of the unknown in the move to regulate before understanding will only stifle American ingenuity and put us at a competitive disadvantage.\u201d<\/p><\/blockquote>\n<p>Still ongoing at the time of publication, the House committee hearing seeks to discuss four key aspects of the crypto space: exchanges, stablecoin offerings, regulatory concerns in digital assets, and federal regulatory responses. Lawmakers will also likely discuss decentralized finance, given its potential to \u201creplicate and replace conventional delivery of financial services such as loans, asset trading, insurance, and other services.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Speaking&#8230;<\/p>\n","protected":false},"author":1,"featured_media":378201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvOWJhYjZhZjctYTMwYi00MjgxLWI1NmQtZjgyYWRkM2QxNGJjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,74860,52214,71511,70934,67874],"class_list":["post-378200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-congress","tag-government","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/378200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=378200"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/378200\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/378201"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=378200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=378200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=378200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}