Hear data from U.S. crypto giants: digital products and the future of finance

On December 8, 2021, Maxine Waters, President of Home Finance Group, said: “The Future of Assets and Finance: Understanding the Challenges and Benefits of the U.S. Financial Transaction“During the hearing, committee members gained an in-depth understanding of crypto assets and discussed the regulatory requirements for the company.

The hearing lasted five hours, chaired by President Waters and President McHenry, and brought together more than 50 members of the House finance committee.Coinbase, Cercle, FTX, Paxos, Bitfury, StellarExecutives from six of the largest cryptocurrency-related companies involved in U.S. politics attended and explained the future of cryptocurrency technology to everyone.

Many people are surprised and happy that the treatment of this cryptocurrency firm's executives in Congress is completely different from the past. The MPs were not only curious about cryptocurrencies, but also started promoting the trade.

The following is a summary of what the executives of the six cryptocurrency companies said during the meeting.

CEO Circle: Jeremy Allaire

1) Present the development of Circle. The company has been established for 8 years and has employees from 11 countries. and advertisingThe cycle paves the way for digital currency to become an important online resource thanks to the announcement of USDC, the second most popular fixed income in the world, and contributing to more than $ 1 trillion in the industry Chains.

2)We reiterate that we are now at a critical juncture in the next key development process., Internet access through status information, content and communication for effective business exchange and sharing,The United States must actively participate in the development of blockchain and strive to be a world leader in the development of the Internet of value..

3) As a resultThe USDC is characterized by rapid and secure international cooperation., noted that USDC is relatively volatile and has been widely used in the crypto industry,Within the framework of respecting liquidity, capital and risk, USDC can respond to the new payment method for working with small businesses..

PDG of FTX: SBF (Sam Bankman-Fried)

1) Please provide your background and personal information to FTX. in the USA,The FTX is a federally traded regulator accredited by the United States Treasury Department and the U.S. Commodity Exchange (CFTC). By integrating traditional financial best practices into the digital heritage ecosystem, it aims to create a platform that is robust enough for businesses to function and is flexible enough for new users.

2) Explain the development of FTX US. FTX works for US clients through the FTX US platform, which also includes FTX US derivatives. The FTX US platform currently has around 1 million users. For FTX.com, approximately 45% of its customers and subscribers are from Asia, 25% from the European Union (EU), and others from outside the United States (excluding employees) in the penalized country ). Almost all of FTX.us users are from the United States.

The mainstay of FTX US is the digital trading platform., like other crypto platforms in the United States, this industry requires a license to operate in order to be open. FTX US is headquartered in Chicago and has offices in other cities in the United States.

3) Commitment to climate change.FTX connects the importance to the environment , has always been committed to reducing the impact of our lives and working for the global environment. FTX has taken some important steps to resolve this issue. The following explains why FTX has the lowest environmental impact and describes additional steps to reduce the environmental impact of FTX.

※ FTX does not use international transport due to lack of manufacturing facilities or physical equipment -International transport represents an important part of electricity consumption.

※ The deposit and withdrawal of digital assets on the FTX platform relies on the electricity supply chain to support and document these changes. CornOver 80% of deposits and withdrawals on the FTX platform use the low-cost, carbon-based public channel Stake Proof (PoS).

T FTX is still working hard to cover the environmental costs of packaging linked to the Public Channel,Carbon offsets have been purchased to reduce these costs.

??FTX believes that power consumption and the impact of PoW networks should be considered in the relevant context., we believe that monitoring activities should include considering the advantages, differences of PoS machine networks and how each type of network is used and developed, as well as comparisons with other types of electricity. and industry.

??FTX is not only committed to improving the lives of our customers with quality products, but also to improving the lives of communities around the world.To this end, FTX has established the FTX Foundation with the aim of donating to some of the best organizations in the world. FTX is committed to donating 1% of its income to the grassroots. To date, FTX, its partners and staff have donated over $ 10 million to save lives, prevent poverty and improve a better future for all.

4) Finally, all FTX files are free, it has become the best source for risk management, has been recognized in many countries under supervision, and has many certifications in USA as well.

CFO of Coinbase Global Inc. and CEO of Coinbase Inc., an American organization: Alesia Haas

1) Explain the background and development of Coinbase. Founded in 2012, Coinbase employs over 3,000 people, is a NASDAQ company listed on the United States Securities and Exchange Commission, and is the largest stock exchange in the United States.$ 68 billion market value with over 73 million users in over 100 countries.

2)Based on the basics of Web 3.0, the Coinbase platform supports crypto trading.The 3.0 website describes the changes in the way we interact with the Internet, pointing out that these changes will lead to unprecedented change and financial freedom. The Coinbase product line is designed to support this transformation by developing cutting-edge technology and future financial systems to support Web 3.0.

3) Coinbase's ways to promote free trading and cryptocurrency trading are described in three points below.

??New financial system.Consumers' needs are constantly changing, and the products developed by Coinbase are also changing at the same time, giving consumers the opportunity to improve their finances and engage in better business.

Platform Platform application.The main advantage of cryptocurrencies is that they allow the use of new, non-financial assets such as proprietary, non-fungible art tokens (NFTs). Coinbase allows developers and apps to access their existing encryption process through external APIs to support new apps. Coinbase will also develop commercial products so that consumers can benefit from these new developments, and by supporting the development and access to these new apps, it will create status and people support for the new web 3.0 app ecosystem.

Investment. Coinbase hopes that everyone can achieve financial independence by investing and using cryptocurrencies.And as a leader in crypto accounts, we provide crypto symbol buying, selling, security, marketing and usage services to millions of customers in the crypto industry. .

4) Describe the top 10 benefits of cryptocurrency.Accessibility, self-ownership, greater visibility, greater flexibility, better performance, lower costs, work in progress, self-regulation, new approaches to interfere with the asset, allow negative micropayments, etc.

5) Overview of the current cryptocurrency competition:

※ It is necessary to establish encrypted tax codes for special purposes.

※ Control and supervise illegal funds

Tshiab New classes of equipment offer opportunities for new solutions.

6) finally pointCoinbase's mission is to improve the freedom of international trade.. He adheres to the principles of governance, urges policymakers to establish clear rules for cryptocurrencies, and hopes for greater oversight, greater transparency and greater trust.

PDG de la Stellar Development Foundation : Denelle Dixon

Share information about the foundation design maintenance Stella and everyone knows that the toys and every role in the block. Stellar is an open, unauthorized, and distributed data or blockchain network ideal for payments.. No entity (such as SDF) can control the base number or growth of a network. There is no permission to use this tool and it is open and intended for use as the basis of the Internet. Stellar has been in business for over 6 years and has over $ 6 million.

2) Present the situation of dependence on the current stable currency developed by the Stellar network and the importance of these financial exchanges. The Stellar platform has been preconfigured for tokenization. A blockchain infrastructure designed to deliver legitimate value-added assets. The aim is to improve existing cross-border payments. Users can easily apply the value of stable results. Switch to local fiat for immediate withdrawal by joining MoneyGram worldwide. offersWebsite traceable,It is more secure than cash transactions and provides users with high performance and low risk.

He added that Stellar apps help solve real-world problems and strengthen business ecosystems to expand financial literacy and build the resilience of underserved communities.

3) Stable coins that are paid for the benefits of stable money are not secure. I agree with the PWG's agreement on fixed income risk, but I do not agree with the following recommendation from the PWG report: Stellar supports management in a way that focuses more on fixed income securities than fixed income securities. It improves relationships and flexibility by allowing open connections like Stellar to continue to evolve.

CEO of Blockchain Services Company Paxos: Charles Cascarilla

1) Describe the history, customers, services and other details of Paxos.Paxos is the first company in the United States to be licensed and regulated to provide crypto products and services.Announcement of stable PAX management. It helps large enterprises provide reliable and secure digital asset management services to consumers.

2) Explain that the current financial situation in the United States is not complete. The traditional United States financial system has been very slow and suffered from the lack of quality and complexity of the process, as well as long hours of operation and costs of transferring throughout the system. Global pressure is critical, threatening most business finances and spending. And with Crypto, anyone can easily use a cell phone.

3) Demonstrate the advantages of digital technology (security, efficiency, etc.). on the one handExplain the possibility of modifying the financial platform from the blockchain., on the other hand, orientation.Blockchain is all about technology, mathematics and medium., the advantages are numerous.

4) Explain and emphasize the importance of care.Paxos pursues an objective of improving the performance of its finances..

5) US Dollar It has been pointed out that stable earnings play an important role in the US economy, and if this is not done realistically, the global dollar will not be strong enough.

CEO of Bitfury Group and former CFO of the United States and former CEO of Binance America: Brian Brov

1) Explain the background to Bitfury and the importance of reducing electricity consumption. Bitfury provides a trading product called "Web 3" called the cryptocurrency ecosystem.

1) The Council discussed the need to understand the three main points of the initiative.

1. Put digital currency outside of financial management or hold it, closely supervised and the appropriate level of risk and risk, where is the relevance?

2. Do we focus on small issues or at the macro level: Is the Internet more accessible to consumers than the Internet monopolized by many large companies? Do we trust more banks or do we trust open blockchain ledgers?

3. The encryption policy must take into account the vulnerabilities that exist in the current system as well as the new risks introduced into the system.

2) Share your two current views on the crypto industry.

??The impact of U.S. cryptocurrency regulations on U.S. technology and capital investment competition. American decisions have pushed the law offshore and wreaked havoc among American businesses, innovators and workers.

??Bitcoin and other assets that depend on the power of counting to solve difficult math problems and analyze online transactions.For some, the Bitcoin Encapsulation Journal maintains that "Bitcoin encapsulation works stronger than all countries in Argentina" is wrong.Bitcoin's energy consumption is minimal compared to the total energy wasted annually in the United States.

Bryan Brooks for uslus b3

One of the unique features of Web1 is that the original AOL account has to keep in mind what it sees in the intended garden.The content is not interactive., but which is presented to you by AOL as Time Magazine informed you. They want you to see the article in the magazine, but this time on screen.

A new development of Web2 is that you can immediately write content and read it.Blogsphere is a represented event. People still remember this in the 1990s and early 2000s. Of course, the reason the Internet has been in the middle is that few companies have done all of this work. As if there were two or three companies like Pacobook and Google mentioned by the president.

The difference with Web3 is the ability to become a true network owner., and that's what the cryptocurrency asset itself, held by the core network, represents. So when you hear people talking about layer 1, for example tokens, it means that is your value for providing medical services because you are giving an energy count to the grid and layers 1 and 2 are all two created by Google. network.

So, people can have an Ethereum network, but there are people who cannot have it on the internet, be it from Google or some other company. . is to make it possible. , and this is the key to decentralization. The owner of the passport is the administrator of the Google app.

How does the digital treasure fit into the Internet revolution?

The idea of ​​Web3 is that there is some sort of application layer or certificate process involved. If you are a Bitcoin holder, you can say that you are a real Bitcoin creator, a Bitcoin user. Bitcoin is my reward for my work in making the network work, which allows me to be part of the Bitcoin blockchain. Or use Ethereum, which is easy to understand. The coins in Ethereum represent the members involved in the network, but there are many applications created at the top of this network. As with any phone app, it depends on the dongle the phone can run on.

So, people decide which network is most likely to win and invest in network tokens just like investing in Google stocks. Because I think Google will expand the use of the original Internet. The difference is, you can use your fairness proof here to vote for future network improvements. For example, you can maintain a Bitcoin type list by receiving mining certificate rewards.

But the real data is that what happens in the joint venture is determined by the merchant, where the big online phenomenon is determined by Twitter, Facebook, Google and a few other companies.

Stablecoin Regulatory Teeb meem

Jeremy Allaire and Charles Cascarilla have agreed with Congressman Nydia Velázquez on a proposal to review their budgets before approving the model of government.

Brian Brooks raised his eyebrows and skeptical of the lack of impact on stable investors. He said, “Only banks can offer term deposits, but you cannot allow banks to invest the largest amount of fixed rate funds. Is this a good thing? »Similar?

About to take full care of the trading platform. Alesia Haas and Sam Bankman-Fried both support some form of governance.

Alesia Haas said Coinbase divides its assets into “gold wallets” (for storing crypto assets online) and “cold storage” (for storing crypto assets offline). Less than 2% of Coinbase cryptocurrency assets are in wallets, while the rest are cold stored, making it less vulnerable to hacker attacks.

stress problems

Regarding the cost of encrypted packaging, Congressman Rashida Tlaib explained how the industry has moved from China to Montana and other states in the United States. Here, coal-fired power plants provide the power for the complex computing needs of crypto tools.

Rashida asked Denelle Dixon if government should play a key role in reducing energy and carbon emissions in the cryptocurrency industry.

Denelle Dixon also said, "Not all crypto assets are proof of operational approval. Stellar is proof of fairness."

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Some Democrats in the US House of Representatives, like Brad Sherman, remain skeptical of the crypto industry. However, there is no doubt that the meeting of the US Secretary of the Treasury was greeted by many members of the cryptocurrency community.

“Today, the US House of Representatives Financial Services Hearing is the strongest, most creative, and non-partisan crypto public issue I've seen in Congress. saying is true. Community involvement has worked very well. "

It is not known at this time what he will do after leaving the post.

note:

Committee alsoOn December 14, there was a separate public meeting on "Stablecoins: Working Principles, Working Principles, and Essentials".Participants included Alexis Goldstein, CFO of the Open Markets Institute, the antitrust agency, and Hilary J. Allen, professor at the American University Washington School of Law.