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Crypto firm CEOs to testify before US House banking panel

There will be discussion on how the new financial product can be regularized


The top officials of eight major cryptocurrency firms like Coinbase Global Inc, Paxos and FTX trading will testify before the US House Financial Services Committee on Dec. 8, the panel announced on Wednesday. 

This will be the first time that executives from the rapidly growing cryptocurrency markets will testify before lawmakers, discuss how to regularize the new financial product and grapple with its implications in the market. Jeremy Allaire, the CEO of Circle and Dennelle Dixon, CEO of the Stellar Development Foundation will be among those testifying.

Senator Elizabeth Warren, among others, has called for a governmental crackdown on the volatile sector, as some progressives have grown increasingly sceptical of Bitcoin and the hazards it may offer. According to the committee statement, Alesia Haas, the CFO of Coinbase Global, will be one of the witnesses in the hearing, which will focus on "the difficulties and rewards of financial innovation." Circle's CEO, Jeremy Allaire, and Bitfury's CEO, Sam Bankman-Fried, who formerly served as a top financial regulator in the Trump administration.

Also testifying will be Brian Brooks, the current CEO of Bitfury, who proposed several reforms aimed at making it easier for banks to engage in bitcoin transactions.

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