The attitude of the US Congress has changed. Have you ever had the most efficient, creative, two-party crypto feel in history?

Early Wednesday morning Beijing time, executives from several cryptocurrency companies such as Coinbase, Circle, FTX, PAXOS, Bitfury and Stellar appeared before Members of Parliament. He has testified more than once, and each time he has had no choice but to be angry and berated. This time around, however, the executives of these crypto companies were taken differently, and lawmakers not only wanted to learn more about crypto, but began to encourage them to develop their own private industry.

These companies may not be the biggest cryptocurrency companies, but they are the biggest cryptocurrency companies in U.S. politics.

Stablecoin Regulatory Teeb meem

Circle and Paxos have joined forces to launch two of the stable currency's biggest fundraisers. They are also the "old acquaintances" of cabinet hearings. In an exchange, Congressman Nydia Velázquez asked the two to review their stable funds before securing support for the government model, and Jeremy Allaire and Charles Cascarilla agreed.

One of the recommendations of President Biden's recent task force Stablecoin report is to prohibit fixed rate banks from depositing money, so in a decision large and stable issuers have no restrictions. Brian Brooks, the current CEO of Bitfury and former director of the US Bureau of Monetary Audit, also shared his thoughts and questions: “Only banks can make stable deposits, but they cannot authorize the most. large companies. same? "

Similar legal issues

Another issue addressed at this hearing was the overall oversight of the trading venue. Coinbase's global CFO Alesia Haas and FTX's Sam Bankman-Fried both support some form of regulatory oversight. However, Alesia Haas said the United States Securities and Exchange Commission (SEC) did not specify the closure of Coinbase.

In the meantime, the Home Finance Group has expressed some skepticism about Coinbase and the “surprise,” but the details remain controversial. The United States Securities and Exchange Commission and its sister's manager, Commodity Futures, are still debating their role in the cryptocurrency market. There is a growing discussion in the cryptocurrency market, overseen by the US Commodity Futures Market.

Historically, Democrats in Congress have been more concerned with the regulation of cryptocurrencies than Republicans. For example, Democratic Congresswoman Alexandria Ocasio-Cortez said, “Cryptocurrency is not a novelty, but an extension of an existing system,” he said. Sherman once said, “In fact, crypto advocates are a force for good in our lives. "

In some ways, Congress is changing its attitude towards cryptocurrencies.

What is the most common bipartite cryptographic meaning?

After a five-hour hearing before the House finance committee, six cryptocurrency executives, including Sam Bankman-Fried of FTX, testified about the importance of trading requirements and trading needs.

While previous such hearings have focused on nearly all of the illegal uses of bitcoin, at this Wednesday's meeting, the U.S. Congress reviewed capital and other issues, via The Benefits of the security of blockchain technology lead to greater financial accountability of cryptocurrencies.

Assembly Member Anthony Gonzalez used the new term "Web3 Can Support Anyone" to describe new applications that do not depend on the importance of completion. In addition, Anthony Gonzalez et al. asks if the economy could benefit from a more cohesive policy than the U.S. government, reiterating that strict regulations will prevent the U.S. from reaping the rewards of crypto innovation.

As expected, FTX CEO Sam Bankman-Fried agreed with Anthony Gonzalez to clarify to Congress the decision to overlap between the SEC and the CFTC, allowing companies such as Circle (over $ 30 billion of dollars of fixed funds) to enter the current financial institution. . .

Members of the United States Securities and Exchange Commission and crypto executives reaffirmed that while Canada and other countries have approved securities such as Bitcoin ETFs, the United States has banned them as well.

Coinbase CFO and Coinbase US CEO Alesia Haas asked Congressman Bryan Steil:

It should be noted that Coinbase once asked why the United States Securities and Exchange Commission (SEC) cannot provide tokens linked to fiat currencies and stability coins like the US dollar. On this issue, Alesia Haas told Congress:

However, some Democrats in the US House of Representatives remain skeptical about the cryptocurrency market:

1. Representative Rashida Tlaib asks about the growing carbon footprint of Bitcoin mining.

2. Representatives Sylvia Garcia and Alma Adams asked the two cryptocurrency companies to provide data on the diversity of their business level and user base. All CEOs approve of this proposal.

However, while some Democrats have raised concerns about the crypto industry, others have praised the innovation brought by cryptocurrencies and blockchain wallets, and most importantly, these new tools capable of offering lower prices at traditional banks. Ritchie Torres, President of the South Bronx, United States, ”said.

At the same time, Republicans and Democrats have expressed support for the potential of crypto technology, while questioning whether quantum counting poses a threat to blockchain security and whether cryptocurrencies will make the US dollar the most. the world's largest savings bank? .

Throughout the hearing, only Brad Sherman, a member of the United States House Financial Services Committee, expressed his dissatisfaction with the cryptocurrency industry. the two parts. Brad Sherman also slammed Coinbase for sending Alesia Haas to a congressional hearing instead of CEO Brian Armstrong, saying he should attend. Of course, Brad Sherman has never been skeptical of the crypto industry, but given the hearts of everyone on Wednesday's audience, it looks like Brad Sherman is in on the game.

There is no doubt that the meeting of the US Secretary of the Treasury was greeted by many members of the cryptocurrency community. member. Composite General Counsel Jake Chervinsky took to Twitter:

“Today, the US Department of Public Assistance Financial Aid Conference is the strongest, most creative non-participatory crypto public event I have seen in Congress. I mean yes. community involvement has been very fruitful. "

Several members of the US board of directors have announced that they will pass legislation to improve cryptocurrency regulation and boost the economy, but it is not yet clear if that will help.

Congressman Jake Auchincloss concludes, “The Web3 policy can be done in two parts.

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