Cryptocurrency leader interviewed at Congress.
Written byTimes Magazine
Leaders from eight major cryptocurrency companies were summoned to testify before a U.S. Congressional committee on December 8.
Witnesses summoned included Alesia Haas of Coinbase, Jeremy Aller of Circle, and Brian Brooks of Bitfury. U.S. politicians from across the political spectrum have called for more careful control over cryptocurrencies.
Mr. Brooks of Bitfury previously served as chief banking regulator under the Trump administration and played a role in cryptocurrency policy.
Instead, they are stored online in "digital portfolios" and act more like mutual funds or securities, often with high volatility.
The anonymity of cryptocurrency payments is preferred for criminal activities such as drug trafficking and ransom attacks. However, their proponents argue that they primarily support legal circumvention is outdated and that there is tremendous potential for innovation in this area.
Countries around the world have taken very different approaches to cryptocurrencies.
China has declared cryptocurrency transactions illegal, a move India is expected to follow. Many other central banks are closely monitoring the sector and discussing regulation.
However, El Salvador recently made Bitcoin - the most widely used cryptocurrency - legal tender. Its president plans to build a Bitcoin city at the foot of a volcano, using the cryptocurrency to fund the project.
In the United States and many individuals who own cryptocurrencies, states and communities are starting to play with plans to incorporate it into their operations.
The Mayor of Miami and the Elected Mayor of New York have ambitions to turn their city into a cryptocurrency business hub.
According to the committee, the hearing before the House Financial Services Commission will focus on "the challenges and benefits of financial innovation," according to the committee.
Sam Bankman-Freud of FTX Trading, Chad Cascarilla of Paxos, and Danel Dixon of the Stellar Development Foundation were other CEOs asked to attend.
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