Crypto executives to be questioned in Congress

Executives from eight major cryptocurrency firms were called to testify before a committee of the US Congress on December 8.

Witnesses called to appear include Coinbase’s Alesia Haas, Circle’s Jeremy Allaire, and Bitfury’s Brian Brooks. It will be the first time that companies representing the controversial sector have been questioned in this way. American politicians from across the political spectrum have called for greater scrutiny of cryptocurrencies. Elizabeth Warren, to the left of the Democratic Party, has called for stricter regulation of the sector and Donald Trump has described cryptocurrencies as a scam.

Bitfury’s Brooks previously served as one of the top banking regulators under the Trump administration and had a role in policymaking around cryptocurrencies. Indian government prepares to ban cryptocurrencies El Salvador plans Bitcoin city at the base of the volcano New York’s next mayor wants to get paid in Bitcoin Cryptocurrencies are not currencies in the traditional sense, although they can sometimes be used to make payments. They are stored online in a digital wallet.

and act more like investment vehicles or securities, often with a high degree of volatility.The anonymity of paying with cryptocurrencies means that they have been favored for criminal activities such as drug trafficking and ransomware attacks. However, his supporters say that the view that they are predominantly in favor of circumventing the law is outdated and that innovation in this area offers enormous potential.

Countries around the world have taken radically different approaches to cryptocurrencies. China has declared cryptocurrency transactions illegal, a move that India appears to follow. Many other central banks are watching the sector cautiously and discussing regulation. However, El Salvador recently declared Bitcoin, the most established cryptocurrency, as legal tender and its president plans to build a Bitcoin city at the base of a volcano, with the cryptocurrency used to finance the project.

Across the US, as well as many private citizens who own cryptocurrencies, states and municipalities have begun to play with plans to integrate them into their operations. The mayor of Miami and the mayor-elect of New York have the ambition to turn their cities into centers for the cryptocurrency business. The hearing before the US House of Representatives Committee on Financial Services will focus on “the challenges and benefits of financial innovation,” according to the committee’s announcement.

 

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