The importance of the American audience: how to monitor the blockchain market? the financial situation is stable

When it comes to the governance of cryptocurrencies, Democrats and Republicans generally focus in two directions. Democrats have no control over investors in the digital asset market, and the exchange rate for cryptocurrencies is so high that it can affect financial security.

Financial Aid Council / Democrat MP Maxine Waters is concerned about protecting investors. He believes investing in digital assets is vulnerable to fraud and price controls due to the lack of consolidation and central control in today's cryptocurrency market. .

Besides Maxine Waters, Democrat MP Al Green also asked the same question. Last year, the market value of the cryptocurrency market grew from $ 500 billion to $ 3 trillion, but the market remains unchanged. It's easy to accept (I would like to ask) a variety of potential investment bubbles, such as trade line of credit, opaque transactions, and transparent assets. Is there a future where we have to worry about bubbles? ?

When asked by Democrats, FTX founder Sam Bankman-Fried said that one of the main features of the cryptocurrency market is 24/7 non-stop trading. There is no overnight occurrence of risk in traditional financial markets and risk of breakout after the holidays / celebrations. Large exchanges such as FTX can plan and monitor transactions in real time, FTX accepts clients from the market, but users have to pay their crypto capital.

“Again, during the 2008 financial crisis there were a lot of unreported financial crises, and you can see these industries were being packaged and reused. Can understand the risks of trading futures unchanged., And the data is transparent. Plus a complete removal can control the risk. Additionally, for US users using this system, FTX We are working with the CFTC to bring it to .US. "

Republicans, on the other hand, are skeptical of how blockchain technology could lower the cost of financial services, even as the business community moves into the Web3.0 era where information rights can. be exchanged after the development of technology, but also about human rights. rights.

In it, Brian Brooks, former director of the OCC at the United States Bureau of Monetary Inspection, and now CEO of Bitfury, early on described the internet as a well-designed garden. themselves. Next Web3.0 gives users real control over the network, function of the cryptocurrency.

How to monitor the blockchain market?

At that hearing, lawmakers were concerned about preventing investors from harming the cryptocurrency market now or in the future, and the regulation of cryptocurrency companies, as they explain that blockchain and regulatory oversight are sufficiently transparent. You will still have to resume treatment.

Most of the crypto leaders who attended the hearing believed that cryptocurrencies did not meet U.S. financial regulatory standards, and lawmakers should heed regulatory rules for the cryptocurrency industry.

Alesia Haas, Chief Financial Officer of Coinbase, testified: “Depending on the unique technology of cryptocurrencies and the market is only just beginning, digital assets and real estate have always been differences between them in different industries. that they have changed, the existing management is not suitable. ”This process.

The SBF, the founder of FTX, argued that Congress could pass legislation giving the crypto industry significant supervisory power in a single government. FTX previously announced “Corporate Management”. FTX proposes to allow cryptocurrency market platforms to choose the host as administrator for site and device integration through partnership implementation etc as the second controller affects crypto . platform, but not responsible for daily maintenance.

The SBF also welcomes the stricter supervision of bitcoin or cryptocurrency trading sites.

“I don't worry about surveillance anymore. In areas where oversight is lacking, I think supportive care is very good at protecting consumers and keeping the ecosystem safe. "

the financial situation is stable

Besides the issue of corporate supervision, another important aspect of mental health is financial stability. Biden officials recently issued a strong statement, which approved Congress passing a law that would require the government to regulate banks to guarantee bonds.

In this regard, Danelle Dixon, CEO of the Steller Development Foundation, said the report identifies risks and monitors them along the way, but the solution is far from over.

Danelle Dixon said, “Instead, we are providing management alternatives that require 100% stable parts storage and the assets to manage risk. for

Danelle Dixon's response also influenced the open testimony of circle creator Jeremy Allaire. He said the share of stablecoins in schools and start-ups continues to increase as stablecoins reduce the cost of remittances to businesses, print small and medium-sized businesses, and make payment quickly. He believes that the management of a stable part can be brought to the necessary benefits.

“Per policy, a lot of work needs to be done, including identifying manufacturer reserve policies, resources and resources, risk management, and usability. "