CEOs of US crypto companies prepare to testify before the House of Representatives

 The CEOs of the six largest crypto companies in the US will testify before the House of Representatives on December 8, according to CNBC.

The House Finance Committee of the US Congress said it will hold a hearing titled "Electronic Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Progress for America". next December 8th.

The hearing will have the participation of 6 senior managers from leading crypto companies in the US, including:

Sam Bankman-Fried – CEO of FTX exchange

Alesia Haas – CFO of Coinbase (NASDAQ:COIN), the largest cryptocurrency exchange in the US

Jeremy Allaire – CEO of Circle, issuer of stablecoin USDC

Brian Brooks – the new CEO of Bitfury, the leading US cryptocurrency mining company

Charles Cascarilla – CEO of Paxos, issuer of stablecoins USDP and BUSD

Denelle Dixon – CEO of the Stellar Development Foundation, the organization behind Stellar Lumens (XLM)

Notably, Coinbase CEO Brian Armstrong did not appear, although Armstrong and Coinbase personally were the regular voices calling for the regulation of the cryptocurrency sector in the US. Similarly, Ripple CEO Brad Garlinghouse was also not invited, but most likely because his company is embroiled in a lawsuit with the SEC.

The House Finance Committee has yet to release details on the topics and questions that will be asked of the CEOs.

Cryptocurrency regulatory issues in the United States are becoming more “hot” than ever in the second half of 2021, focusing mainly on stablecoins.

Regulators fear stablecoins' rapid growth in capitalization is posing a threat to the stability of the financial industry, as shown in the Stablecoin Report released by President Biden's Financial Advisory Group on Wednesday. Earlier in November, it was reported that the White House was urging Congress to develop legislation to regulate stablecoin issuers as banks. At the end of the month, it was the turn of the Chairman of the US Senate Banking Committee to send a letter to the major stablecoin companies and ask them to make their process public.

Also in the last month, another extremely important legal information happened, that is, President Biden signed a bill approving a law with provisions to tax cryptocurrencies without clearly distinguishing who is taxed. reasonable taxes. However, there have been attempts to amend it from crypto industry advocates.

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