Early in December leaders in crypto service provision met with the United States lawmakers on the 8th December. These leaders met with legislators in the House of Representatives Financial Services Committee. The meeting that took place between these two groups was regarding digital assets and regulations and policies of the US surrounding them. Some critics believe the general feel of the meeting was more talk than action. However, the overall consensus is that the meeting was a positive development for cryptocurrency matters.
Mainstream media also helped thrust this story into the limelight. It is worth noting that this meeting is unique for the industry and a first of its kind. Never before have these leaders in cryptocurrency businesses ever met the leaders of the US and talked candidly about their concerns: both fears and hopes.
The list of crypto enterprise leaders that were present at this meeting included the Chief Finance Officer of Coinbase, the Chief executive officer of Bitfury, the chief executive officer of FTX, the Chief executive officer of Circle, and the Chief Executive officer of Paxos.
The talks saw a number of lawmakers take a keen interest in engaging with the industry leaders. These lawmakers included Pete Sessions, Gregory Meeks, Patrick McHenry, Brad Sherman, and Maxine Waters.
A point brought on by Circle’s executive, Allaire brought an example of his company’s experiences with professional investors who are utilizing their business offerings for various payments for SMEs, remittances, and even payments for remote professionals. He added that the United States currency would soon enough become as accessible to anyone as text messages and electronic mail.
On the other hand, Brooks highlighted concerns involving Meta (formerly known as Facebook). Brooks has shown a light on the decentralization propensity of cryptocurrency as well. The CEO took the opportunity to focus on the importance of the humanitarian impact of digital assets and their potential to impact the world when it comes to development. One top executive presented crypto as a very impactful tool for access to democracy.
The stakeholders from private enterprises presented a clear perspective. They attempted to make it clear that the government needed to stop being suspicious of the industry and instead change the rules of the game to make it a better working environment for these types of enterprises.
Crypto is being supervised by a number of agencies at present. The regulations that are set on an individual basis in each State of the US are all over the place. In addition, the Securities and Exchange Commission is tightly holding the reigns with the classification of digital assets as a type of security.
The differences in ideologies regarding cryptocurrency and its regulation have caused a split among lawmakers. Members of the Democratic party are honing in on how investors can be protected and their investments secured from instability.
However, based on the pattern of the nation’s system for electoral votes, insight can be taken. Republican legislators are estimating the likelihood of them winning overall in Congress over the elections that would happen mid-term.
The meeting in general had a very positive feel. This is actually opposite to what the world has seen. The opposite usually happens when it comes to the United States instituting certain regulations that affect cryptocurrency. Some of these actions that look opposed include when the SEC disallowed WisdomTree’s application for a fund that would have been exchange-trading.
Many hope that this hearing is only the beginning of continued dialog. That is, dialog between the government and the leaders of this industry. McHenry said that congress should take on this initiative wholeheartedly.
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