The US cryptocurrency giant is expected to attend the hearing tomorrow, what will this "controversy" look like?

Cryptocurrencies have exploded in recent years, but US regulators have been slow to follow. At 10 a.m. EST on Wednesday, the first major dispute between cryptocurrency companies and regulators will take place, as executives from six cryptocurrency companies arrive in Washington DC to attend a due process hearing.

The hearing will be chaired by Waters (D-CA), President of the Home Finance Group, entitled “The Future of Materials and Finance: Understanding the Issues and Assistance of the US Bureau of Currency Exchange”. Over the past few years, Waters has hosted several conferences on cryptocurrency and digital currencies. In June of this year, he pledged to "conduct a full review of this market" and warned that "profits will be available soon for investments in cryptocurrencies that are not very strong."

During the hearing, six people, including executives from large cryptocurrency and exchange companies such as Coinbase, Circle, and FTX, were called to testify, and some of them were supportive care.

Paxos Chairman and CEO Charles Cascarilla told CNBC last month:

FTX CEO Sam Bankman-Fry said in September he would work with the United States Securities and Exchange Commission (SEC). FTX announced on its blog on Friday a list of 10 proposals for Congress to make decisions, including the use of a single store management board and manual, and there was a need for crypto exchanges currency "provide financial protection on a regular basis.".

BitFury Group CEO Brian Brooks told CNBC this week in a hearing this week that he hopes to discuss the controversy surrounding cryptocurrency regulation, including the relationship between banks and income securities. fixed.

In September, Coinbase CEO Brian Armstrong accused the SEC of "using a secret blackmail system" after the SEC threatened to sue Coinbase over a new product called loan. Coinbase is the only company that hasn't sent a CEO to the hearing, and Alessia Jan Haas, Chief Financial Officer of Coinbase, will be attending.

A crypto law may not be drafted immediately at this meeting, but it does indicate lawmakers want to know more about the technology. One idea that can be put into the case is a tax code that aims to ensure that tokens are not secure.

The rapid growth of cryptocurrencies, especially 'stablecoins', has attracted regulators who fear they pose financial risks if not properly managed.

The administration welcomes the clarification, but that a too strict rule can be reversed.

Coinbase chief Alesia Haas warned in a statement on Tuesday: risk management. This can be beneficial for crypto operations on the ground or offshore trading with little or no implementation of plans. "

“There are many examples of US regulatory decisions that have pushed legitimate work overseas and harmed US businesses, innovators and workers,” said Brian Brooks, CEO of BitFury.

Jeremy Allaire, CEO of Circle Internet Financial, said: "Stable coins are not too big to fail, but too big to ignore right now. Policy must promote an open and competitive environment for the advancement of new technologies. . "

Proponents say stablecoins are changing the way payments are made by providing a reliable, affordable, and fast way to exchange money around the world. Officials say the United States should play a key role in advancing technology, much like the U.S. law that allowed the internet to flourish in the 1990s.

Denelle Dixon, president of the Stella Development Foundation, said in a statement: "The path of this technology is global. Fear of the unknown should not be used.