Major Crypto Leaders Testify Before Us Congress

Congress and Crypto leaders meet for an incredibly fruitful meeting that seems to put two groups on similar wavelengths.

Congress Meets Crypto

The United States House Financial Services Committee held an insightful and explanatory hearing with top CEOs from the cryptocurrency industry on Wednesday, December 8th. The hearing proved to bring together the two sides–government and cryptocurrency–showing how each can complement the other moving forward.

The influence and growth of DeFi and Web 3.0 are contingent on the harmonious relationship between the US regulators and the blockchain industry. The panelists were sharp in explaining the benefits of blockchain but were stern when beseeching the government for clarity. The world of Web 3 can change the world with the government’s help.

“Today’s HFSC hearing was the most positive, constructive, & bipartisan public event on crypto I’ve seen in Congress — ever. I mean that literally,” tweeted Jake Chervinsky, Head of Policy at the Blockchain Association. “It’s a testament to the effectiveness of industry & community engagement in DC in recent months. We’ve made shockingly big progress.”

The meeting had an overall bullish feel for the crypto agency, showing that the US is far behind other G20 nations in terms of regulation. The slow response is not a negative, as many on the panel pointed out: stablecoins are almost all pegged to the dollar, a massive vote of confidence to the US Dollar as the reserve currency in the digital and tangible world.

Leading List of Panelists

Leading List of Panelists

The panelists represented some of the top minds and influences at leading organizations. Each panelist submitted written statements before the event and fielded questions from House Financial Services Committee members. 

• Jeremy Allaire, Co-Founder, Chairman and CEO, Circle

• Samuel Bankman-Fried, Founder and CEO, FTX

• Brian P. Brooks, CEO, Bitfury Group

• Charles Cascarilla, CEO and co-Founder, Paxos Trust Company

• Denelle Dixon, CEO and Executive Director, Stellar Development Foundation

• Alesia Jeanne Haas, CEO, Coinbase Inc. and CFO, Coinbase Global Inc.

One star of the panel was Brian Brook, the short-lived Binance US President, former Chief Legal Officer at Coinbase, and former Acting Comptroller of the Currency under former President Trump. Brooks was keenly able to explain details from once being an insider of the government, but was able to also be a strong voice of the people and the industry. 

“Web 3 is different because of the ability to own the network a user participates in,” Brooks detailed. ”This is a reward for providing the services that were previously owned by Google or other companies. For example, anyone can now own Ethereum and participate in the network. This is the nature of decentralization.”

The hearing went four hours plus and is available for restreaming on YouTube.

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