CEOs of major US cryptocurrency firms told Congress that the sector needed clear and up to date regulations.
Circle’s CEO Allaire told the hearing that he supports the push for the national licensing and oversight of the stablecoins issuers given their growing sizes.
Allaire says that blockchain technology offers real-time trade settlement cushioning against risks and cutting clearing costs. He adds that the same could allow the regulators to offer instant monitoring.
Paxos CEO Cascarilla says that the US financial structure could not deal with the new digital financial economy, and the solution lies with blockchain technology.
North Carolina’s Representative Patrick McHenry notes that cryptocurrency policies were in place but may not be up to date. He admits that inadequate insight among the House Financial Committee could cause overregulation.
FTX CEO Sam Bankman-Fried, Bitfury CEO Brian Brooks, Circle CEO Jeremy Allaire, Stellar Development Foundation CEO Denelle Dixon, Coinbase Chief Financial Officer, and Paxos CEO Chad Cascarilla are some of the executives who faced the legislators.
The Wednesday hearing was dubbed Digital Assets and the Future of Finance. Understanding the challenges and benefits of Financial Innovation in the US.