Contents of the meeting report of several Capitol Hill Crypto CEOs

Good night

Today is a hearing in the United States House of Representatives on how digital assets, new products and services can be used to improve financial performance, protect people used, investors and more.

Overall, it sounds good.

President Waters

Background: As digital devices are increasingly used in the United States, we asked some business leaders to discuss the products, services and technology for themselves. However, there are currently many issues with crypto, including fraud and the lack of oversight of securities. He also touched on the environmental issues of crypto mining.

First Chairman: The Board of Directors M. Mehenry

2021 is the year of Crypto, and DeFi and DAO are improving rapidly. Problems:

The machine is well controlled (already controllable)

A question for policymakers here: do you really understand these systems? Otherwise, you should study and understand these procedures before discussing them.

Blockchain technology is new and exciting.

It is unfair to establish policies in the presence of ignorance and fear.

I cite a few examples of technological developments that were initially considered bad or illegal.

In fact, cryptocurrencies are being used in illegal places, is there anything else that is being used illegally? fixed price !

President

Introduce audiences: FTX, Circle, Coinbase, etc.

M.Allaire (Winner)

blow the waves of the circle

United States must work to maintain blockchain technology

USDC Stable Currency is stable and widely used in Crypto and still works with small businesses as a method of payment.

USDC is fully respected under US compliance and agrees that US funds are all OK.

SBF (FTX)

Here is my journey after studying physics at Stanford-MIT and doing a lot of business for three and a half years.

About FTX and FTX US

This industry can improve the lifestyle of many people. It clearly indicates that the cost of return is too high. The global financial system is not a system. This is especially difficult for people who cannot afford traditional financial services. Crypto is the ability to help these people

A wave of FTX awareness, not all free data is the same as traditional finance, and special attention is also paid to risk management. In other words, the risk management is very good.

In terms of coaching, he is recognized in many countries and has many certifications in the United States as well.

The markets will follow, and many are already following.

M. Brooks (Bitfury)

Introduction of Bitfury Technology and Importance of Energy Saving

three questions

Will it make more sense to store digital money outside of finance, or will it be more beneficial to his household and take care of it properly?

Should we focus on the small problems (which results are the most reliable?) Or on the big ones? Are Internet users better than the Internet monopolized by a few large companies? Do we trust more banks or do we trust open blockchain ledgers?

Regulations must take into account not only the new risks posed by blockchain technology, but also the solutions posed by distribution.

Why did Fidelity go to Canada to set up Bitcoin ETFs? Why are Bitcoin Spot ETFs available in Germany, Singapore and Brazil and not in the United States?

Seeds. Contact Cascarilla (Paxos)

There are many issues with the financial process and we tell you about the history, customers, services and other information of Paxos.

We highlight the advantages of digital advantages, such as safety and performance.

Existing Financial Processes and Other Problems: Expensive and Not for Everyone Cryptography is accessible and convenient for everyone and only for cell phones.

Blockchain is just a technology, it's mathematical, it's average, and it has a lot of cool features.

Care is very important. It has always been clear that Paxos follows the rules and improves the performance of the fund.

The stable value of the US dollar is very important to the US economy. Otherwise, the global deployment of the dollar will be weak.

Dixon (Stella)

Introduce yourself and teach Stellar. It is a decentralized payment system.

Blockchain technology is not only used for loans and other applications, it solves many problems around the world. Throughout repatriation, refugees can be used to ensure the security of their property.

It also introduces other Stellar apps that can help you troubleshoot issues.

In a nutshell, the benefits of fixed income are mentioned, and the fixed payment is not secure.

M. Haas (Coinbase)

Worked in the financial sector for 20 years

Explain the history of Coinbase In addition to Hawaii, we have Coinbase customers. The great thing about Coinbase is that it has a very large user base, allowing users to trade, send, share, and learn Crypto.

thé

connectivity issues

The leader asked Paxos about his involvement with Facebook and the particular situation Novi used in Guatemala.

A: Novi is just a Paxos consumer. Novi himself is compliant. We have done a lot of background research. Novi uses our products like other customers use ours.

Mchenry told Bitfury that at first the internet was readable, but then it became more conversational and led to Web3. Ask the difference between Web1 and Web2.

Answer: Web1 is read-only and Web2 can be written. You can't accept the content, but you can create it. Web3 are terms that allow you to own the Internet and give rights to users. Now you can't have the Internet (available from Google and other companies), but you can have Ethereum. Next, I explained the difference between Layer1 and Layer2. Web3 allows users to own non-specialized websites.

He spoke of the decline of digital assets, especially against piracy which results in the loss of assets for investors.

Coinbase response: gold and silver wallets are separate, hacker said the old woman is not a problem with Coinbase, Coinbase has paying users.

My sister asked me a question saying I didn't have time (my sister is a video entry), are you talking about coinbase security, or are you talking about something?

Coinbase's CFO replied that he was very unhappy. I turn my head after talking about Coinbase.

The old woman went to speak badly, especially when washing the clothes.

Sister No. 2, the SEC chief said the process for proving digital benefits safe is very clear. However, many people have raised this question, but it is not clear.

Coinbase Response: The regulatory process is very real and many digital currencies are not secure. However, new legislation may be needed to address this issue.

To ask questions. How does Crypto help people without a bank?

Stella responded by sending the money immediately.

Response Cycle: USDC allows users to make immediate currency transfers at a very low cost. Like email, anyone with a cell phone can use it.

(The network was temporarily down and I cannot recover)

Long term, AI Green asks the question: Cryptocurrencies are volatile, companies disclose insufficient data, and bubbles are plentiful.

Bitfury responds: (Good question!) For fixed assets, the value search mechanism is more adequate (treasure is still available), but not enough for Crypto America, so a point has a bigger impact on value. Therefore, more costs are needed to find mechanisms and liquidity.

Stellar response: User training is very important and we are still in its infancy. Internet so early.

SBF (in writing) replied that better monitoring in all respects with 24 * 7 capacity and FTX without lag. Regular packaging of illegal goods has created financial problems, but for example FTX data is transparent. (Why he announced).

brother M. The sessions ask: what am I helping you to do! ! ! (Good for you!) The questions are: how to examine fraudulent issuance for multiple assets, how to analyze and differentiate risk.

Coinbase: All Treasuries perform extensive background checks to determine the quality of each transaction.(You took it off! It doesn't matter what you are currently using). At the same time, it also oversees the manufacturing industry (for example, the cost of brushing). And Coinbase is very transparent.

The brother also encouraged these entrepreneurs to let them work and thank you very much!

Brother-in-law Gregory Meeks: What happened to the cycle?

Circle Response: I created a Circle Impact. The cycle works with the banks to ensure full approval of the USD.

Remember: this is good, but there are also bad guys. The question is what to do with the wrong circumstances and how to do the right thing.

Coinbase Response: We have KYC AML. It is the bad guys who make the administration work.

Brother M. Luetkemeyer: How to review the process from US dollar to crypto.

Response from Bitfury: The US dollar was the mainstay of the treasury in many countries, but it was better after WWII. As inflation rises in the future, everyone can choose a different asset.

The cycle: The blockchain is rising so fast, can it control its status quo if the dollar is announced in a few years? It is a matter of national security and the blockchain is the infrastructure of the future internet, so to secure the hegemony of the US dollar it is necessary to get the blockchain.

Mr. Perlmutter: FTX customization issues.

SBF: FTX is regulated by the CFTC and other agencies.

Next: Problems of trading derivatives.

SBF: Apply for CFTC, Apply for Derivatives and Use KakaoTalk.

Follow: The threat of quantum computing on the blockchain.

SBF: There is no risk to the security of the blockchain. Even then, the blockchain technology will be updated.

Mr. Barr: Will Congress make the policy clearer?

Bitfury: The current policy is very vague (eg driver's license). The United States is now very uncertain whether you want to start a project, you can ask the SEC. The SEC did not elaborate.

Back then: is it true that digital benefits are a contract?

A: A few years ago many people who did this formed the Crypto Rating Council, but Crypto can help make many decisions and determine risk.

Next: Are there any examples of past care that have affected the growth of the business?

A: Use the bank to exchange digital currencies.

Coinbase Response: The United States is leading the way in crypto. Personal / business browsing for payments has always been good, and so has Crypto Field.

Distant Brother Juan Vargas: The end of this situation is not great because everyone is investing because they want to make money, not because of the use of technology, but because they want do better nuj.

The cycle: There are similar situations, but there are similar situations with commercial products. There are many digital resources that are really useful and their benefits will continue to grow.

To be continued: digital money already exists and has the same benefits, but you have no control over digital money. Why digital money is good and why digital money needs stable profits?

(Time has passed, no one answered)

Mr. Williams: Talk about the baseball example. Has there been a negative impact on your work using blockchain technology?

Bitfury: What I really want to ask is how to protect users. First, only for qualified investors, and second, the inheritance itself is great. Don't keep people away.

Follow: Rules of FTX rules.

SBF: We have several licenses, including the CFTC for derivatives and the SEC for securities.

sleep, stop listening

The above is two hours before the hearing. All of the requirements are great and there aren't many specific questions. But more importantly, I think these creepo leaders are human.