Encrypted Hearing Republican Administration: Legislation needed for the Web3 revolution to happen in the United States.

In a cryptocurrency meeting in the United States House of Representatives on December 9, Republican Congressman Patrick McHenry said that while technology in the cryptocurrency space is "allowed," the regulatory process currently followed may be "clunky" or "current". It tends to over-regulate. As Patrick McHenry said: “Cryptocurrency could have a bigger impact on the future of the internet ... we need the necessary rules ... not the need for lawmakers to oversee because they have fear of the unknown ... No ... .. ..Policies driven by fearlessness will undermine America's ability to innovate and make us less competitive ... We can make the Web3 revolution happen in America.

Additionally, Patrick McHenry said during the crypto hearing:“We need to dispel the idea that cryptocurrencies are only used by terrorists.. Do you know of any other malicious uses?cash. "Before October 5, Patrick McHenry announced the 2021 Digital Token Clarity Act. The bill begins with a temporary recommendation from SEC chief Hester Peirce. This policy replaces the 1933 Security Code to create a three-year secure port where token development teams can sell tokens without registering them all under license. By law, token issuers are required to establish special business promulgation rules. This includes tokens, improvement plans and "descriptive information about the release and delivery process, such as the number of tokens issued during the first distribution, the total tokens generated, the time the tokens were released. and the total volume ”. Untitled tokens.

Brian Brooks, CEO of cryptocurrency mining company Bitfury, added that some companies involved in digital assets have found a better position in countries and regions outside of the United States. For example, Fidelity launched Bitcoin Bitcoin ETF sites in Canada. Brooks "There's a reason the crypto industry is no longer involved in Silicon Valley..」

Senator Sean Casten said he can handle the whole Stable Room file and other issues. He then asked Circle CEO Jeremy Allaire if he supports the board's recommendations to announce a stable coin. "I support a lot of proposals, but I can't say in general," Allaire said, "I think there are a lot of challenges in the report." Its first question is what is the "certificate" of the securities seller that the government certificate will use, and the other details should be clearly stated.

Representative Pete Sessions asked how cryptocurrency exchanges identify fraud and reduce risk.Coinbase CFO Alesia Haas said the exchange will be valued on the basis of consensus and risk before listing crypto assets.When it comes to tokens, he believes there needs to be clear oversight of digital assets.“Blockchain tokens are not security,” he said, “for Coinbase it's a new form of digital membership or a new way to collect memberships.”

Matt Homer, former deputy director of the New York City Department of Financial Services, said: “Evidence shows that cryptocurrencies are already regulated. different and create levels of play. "

Sam Bankman-Fried (SBF), CEO and Founder of FTX, shares his belief that cryptocurrencies play a role in providing financial services to non-bankers or non-bankers, whether the stated goal is conflict.While cross-border remittances are always slow and expensive, according to the SBF, cryptocurrencies can offer faster, cheaper and fairer returns by bringing individuals together with inadequate financial services for businesses.

All participants in the US crypto conference agreed that digital anonymity can be controlled.During the US Congressional Crypto Hearing, Congressman Bill Foster asked: Is there any evidence against “anonymous control” of digital currency? This means that if a breach occurs, administrators can de-anonymize the criminal account. Know the follow-up. The Witnesses do not object to these questions.

Nick Anthony of the Cato Institute: The President of the Financial Services Agency recognizes the benefits of cryptocurrencies.Nick Anthony, Director of the Office of Financial Services and Financial Services at the Cato Institute, said: Around cryptocurrencies, he also recognizes the benefits that technology should have. This is a problem that has been considered by many critics. It could also be the start of a long-term need for change in the dialogue.

President Jake Auchincloss said:Adhering to the 'must watch' mechanism would be unfair for crypto companies to be backed by multiple regulators.He is prepared to work with Republicans and Democrats to resolve these issues. In his view, collaboration between executives of large companies and stand-alone companies to resolve issues such as storage and security standards could be beneficial for the market.

CEO Brad Sherman pointed out that "some of the key forces in our lives" have spent millions of dollars on cryptocurrency.Big banks have entered the cryptocurrency space.. “If you want to know where these soldiers are, Zuckerberg should attend this hearing. Brian Armstrong (CEO of Coinbase) sent his second chairman. Tether isn't even thinking about the path,” he told the directors. . Start leading.