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On December 8, the US House of Representatives will discuss with top managers of the industry issues related to bitcoin exchanges, the issue of stablecoins, problems of regulating digital assets, as well as the policy of federal departments.
BREAKING ‼️
Chairwoman @RepMaxineWaters Announces #Cryptocurrency CEOs to Testify at Full Committee Hearing | https://t.co/6IBi6jGNAC pic.twitter.com/r4kJqjmhqu
— U.S. House Committee on Financial Services (@FSCDems) December 1, 2021
The agenda of the meeting on “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation” was revealed by the head of the Finance Committee, Maxine Waters.
Participants will also discuss DeFi, given its potential to “replicate and replace traditional financial services delivery such as lending, asset trading, insurance”.
The document also talks about differences in operating structures and the composition of stablecoins versus fiat.
“Cryptocurrency markets do not have a comprehensive and centralized regulatory framework. This makes investments in them vulnerable to fraud, manipulation and abuse. Digital assets and associated service providers can pose risks of money laundering, terrorist financing, sanctions evasion, kleptocracy and other illegal activities, ” – says the comment.
Congress looks forward to developing a clear position on CBDC based on ongoing research FRS with the aim of “examining the potential benefits and risks of the digital dollar and its impact on the US domestic payment system.”
The hearing will begin at 18:00 Moscow time.
Earlier, ForkLog announced that the invitees included CEO Circle Jeremy Allair, FTX CEO Sam Bankman-Fried, Bitfury CEO Brian Brooks, Paxos CEO Charles Cascarilla, Stellar Development Foundation CEO Denelle Dixon, and Coinbase Global CFO Alecia Haas.
Waters is committed to protecting investors and consumers by holding IT giants accountable. In June, under her leadership, a working group on cryptocurrencies was created, before that – with a focus on CBDC.
The head of the finance committee has repeatedly expressed concern about the Diem Association (Libra Association) project. In June 2019, the congresswoman demanded that Facebook suspend the development of the digital currency, and two months later presented a work plan for its further study.
Recall that in 2020 Waters called on the Joe Biden administration to withdraw the decisions of the Office of the Comptroller of the Treasury under the US Treasury regarding cryptocurrencies and stablecoins.
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