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CEOs from eight major cryptocurrency companies will testify before the U.S. House Financial Services Committee

CEOs from eight major cryptocurrency companies will testify before the U.S. House Financial Services Committee

On Wednesday, Dec. 8, top executives of 8 major cryptocurrency firms, including Coinbase, will testify before the House Financial Services Committee. Politicians seek to understand the implications of new payment technologies and their risks.

According to Reuters, speakers will include Alesia Haas, the CFO of Coinbase Global, Jeremy Allaire, the CEO of Circle, Sam Bankman-Fried, CEO of FTX Trading, Chad Cascarilla, CEO of Paxos, and Dennelle Dixon, CEO of the Stellar Development Foundation.

For the first time, representatives of the new payment technology will address lawmakers, who include both outspoken crypto opponents and supporters. For instance, Senator Elizabeth Warren called for strict regulatory methods to control an unstable sector. She will be opposed by Brian Brooks, Bitfury's CEO, who formerly served as chief banking regulator during Donald Trump's presidency. Previously, he has already proposed several projects to improve the interaction between banks and cryptocurrency.  

Recall that in November 2019, Mark Zuckerberg had a similar interrogation. Lawmakers questioned him for hours on a new cryptocurrency project, Libra (now Diem). Following the meeting, most of the project's associations, including Visa, MasterCard, PayPal, and others, decided not to develop the cryptocurrency further.

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