Crypto CEOs Defend Industry in U.S. Congress Hearing

Cryptocurrency industry executives appeared before the U.S. Congress on Wednesday to defend the industry. They argued the technology in crypto holds promise for the future as lawmakers and regulators look to regulate the space.

The House Financial Services Committee called the hearing in a bid to improve lawmakers’ understanding of crypto assets and the sector. While these assets are criticized for their volatility and risk, crypto CEOs defended them, saying that they can make financial transactions faster, cheaper, and more accessible to people throughout the world.

Senior executives from cryptocurrency exchanges, including FTX and Coinbase, testified along with executives from Bitcoin mining firm Bitfury, cryptocurrency payments system Stellar, and blockchain firm Paxos.

At the hearing, crypto executives argued the industry doesn’t fit neatly within the existing structure of financial regulations in the U.S. and called on lawmakers to consider tailor-made legislation for the crypto industry.

Coinbase’s Chief Financial Officer, Alesia Haas, said that “because of their nascent stage of development and unique underlying technology, digital assets trade in markets that are fundamentally different from traditional financial markets.” As a result, Haas said existing regulatory regimes “do not accommodate this new technology.”

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