Blockzeit
  • News
    • Bitcoin News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • AI
    • Markets
    • Investing
    • Technology
    • Trends
    • Switzerland
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
  • EnglishEnglish
    • EnglishEnglish
    • DeutschDeutsch
    • PortuguêsPortuguês
  • News
    • Bitcoin News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • AI
    • Markets
    • Investing
    • Technology
    • Trends
    • Switzerland
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
Blockzeit
No Result
View All Result
Home Trends

Crypto Executives Urge Congress to Provide Regulatory Clarity for Industry

Tom Nyarunda by Tom Nyarunda
December 9, 2021
in Trends
Reading Time: 2 mins read
0
capitol 5019534  340

capitol 5019534 340

Share on FacebookShare on TwitterShare on LinkedinShare via WhatsappShare via Email

Crypto CEOs told lawmakers they needed tailor-made rules openly debated with public participation to avoid unnecessarily burdensome regulations. The cryptocurrency chiefs also warned legislators that overly burdensome regulations would push the asset overseas.

The top executives of six leading cryptocurrency companies have urged the U.S. Congress to offer more transparent rules for the burgeoning $3 trillion industry. Appearing before the House Committee on Financial Services, the CEOs seemed to present a united front urging lawmakers to provide a clear regulatory framework for crypto.

The chief executives from Coinbase, Circle, FTX, Bitfury, Paxos, and Stellar Development Foundation broadly embraced regulation amid explosive growth in digital currencies. However, amid polite but skeptical questioning, many executives voiced support for a new regulatory framework. They also opposed the use of existing banking laws to regulate the crypto space. Their appearance in Congress comes as regulators and lawmakers look to craft new rules for digital assets.

Understanding the crypto space

Testifying before the House Financial Services Committee for nearly five hours, the executives fielded questions from lawmakers on understanding the crypto space, ransomware, how to protect investors against losses and fraud, and providing services for the unbanked. Paxos CEO Charles Cascarilla told lawmakers:

“The solution is not to shoehorn digital asset operations into a regulatory system designed for earlier generations of financial assets.”

The House of Representatives Committee on Financial Services hearing marked the first time the industry’s senior leaders have explained their businesses to U.S. lawmakers amid growing concerns that cryptocurrencies may pose systemic risks and hurt investors. Some lawmakers, in particular Republicans, praised the executives for leading the way on what could be a pivotal technology. Representative Pete Sessions, a Texas Republican, said:

“I am tremendously impressed. I see a lot of ingenuity, a lot of entrepreneurial spirit […] we need to be supportive of you.”

What will lawmakers do with this new information

Crypto executives repeated calls for careful, bespoke rules rather than forcing the industry to comply with existing regulations. Alesia Haas, chief executive of Coinbase Inc., warned:

“Without tailored legislative solutions that are openly debated with public participation, the United States risks unnecessarily onerous and chilling laws and regulations.”

The question remains what will lawmakers do with this new information, and how could they craft new rules. Judging by Wednesday’s hearing, there was little immediate resolution about how urgently policymakers will act, if at all.

etoro add'
Previous Post

DeFi and CeFi full aggregator OpenOcean aggregates Arbitrum to expand its one-stop trading solution

Next Post

Metaverse Showdown: The Sandbox vs Decentraland

Tom Nyarunda

Tom Nyarunda

Tom is a freelance writer with over 10-years’ experience in writing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.

Related Posts

unstoppable domains

How To Buy Unstoppable Domains? – A Comprehensive Guide

by Rickie Sanchez
December 8, 2023
0

You know that long, complicated wallet address you must always remember before sending crypto to someone else?  Thanks to services like...

Charles Hoskinson

Charles Hoskinson Blows Up Over US SEC’s Crypto Regulations Hypocrisy

by Rickie Sanchez
November 30, 2023
0

The founder of a top 10 cryptocurrency, Charles Hoskinson just went off and dropped f-bombs on the Securities and Exchange...

Jim Cramer

Jim Cramer Recommends Bitcoin, Are We Doomed?

by Giancarlo
November 29, 2023
0

After pumping up over the past two months, Bitcoin (BTC) is now teasing the $40K line. Surprisingly, another one of...

Load More

latest News

Mocaverse

Animoca Brand’s Mocaverse Secures $11.88M In Second Funding Tranche

December 10, 2023
Brian Snyder on crypto

Crypto Are One Of The Main Topics During The Recent Republican Presidential Debate – Details

December 9, 2023
Binance Abu Dhabi

Binance Withdraws License Application to Operate in Abu Dhabi

December 8, 2023
JPMorgan CEO Jamie Dimon

JP Morgan CEO Jamie Dimon: Governments Should Shut Down Bitcoin & Crypto – Details

December 8, 2023

Get updates to your inbox!

Subscribe to our mailing list to receive daily updates!

Bitvavo Referral

FOLLoW US:

Blockzeit Logo 10 1

Blockzeit was founded in 2021 in Switzerland with the mission of bridging the gap between the complex blockchain technology and the general public. Blockzeit is a news and education platform that aims to make blockchain more accessible and bring more transparency to the scene.

Popular Categories

Categories
  • AI
  • Bitcoin News
  • Blockchain Terms
  • Business
  • Buy Cardano
  • Buy Crypto
  • Comunicado de Imprensa
  • Education
  • Events
  • Investindo
  • Investing
  • Markets
  • Metaverse
  • Metaverse
  • NFTs
  • Politics
  • Press Release
  • Sponsored
  • Switzerland
  • Technology
  • Trends
  • Uncategorized

Important Links

  • Privacy Policy
  • Disclaimer
  • About us
  • Contact us
  • Blockchain Jobs
  • Events

Contact & Social

For guest posts, contact us via [email protected]

 

Contact: [email protected]
Press: [email protected]

Facebook Twitter Linkedin Instagram
  • Home
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
  • Education
  • Events
© Copyright by Blockzeit.com. All rights reserved.

Disclaimer

Claim your €10 Bitvavo Welcome Bonus

Sign Up Now
No Result
View All Result
  • News
    • Bitcoin News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • AI
    • Markets
    • Investing
    • Technology
    • Trends
    • Switzerland
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
  • DeutschDeutsch
  • PortuguêsPortuguês

© 2021 Blockzeit by Blockzeit.

Subscribe Our Newsletter

Signup & Get Latest Updates on Crypto