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Bitcoin Government

Crypto CEOs Will Testify Before US House Panel (cryptobriefing.com) 50

Posted by BeauHD from the get-your-popcorn-ready dept.
An anonymous reader quotes a report from Crypto Briefing: The U.S. House Committee on Financial Services has announced that several cryptocurrency executives will testify at a panel hearing. Jeremy Allaire, CEO of the USD Coin company Circle, is first on the list of executives that will attend the panel. The list also includes Sam Bankman-Fried, CEO and founder of the crypto exchange FTX. It additionally includes Brian Brooks, current CEO of Bitfury and former acting comptroller for the U.S. Office of the Comptroller of the Currency (OCC). Chad Cascarilla, CEO of the stablecoin and brokerage firm Paxos, will also appear on the panel. Paxos is best known for powering crypto services for PayPal and Facebook's Novi wallet. Denelle Dixon, CEO of the Stellar Development Foundation, and Alesia Haas, CFO of Coinbase, will also make an appearance.

The panel will be led by Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services. Waters previously held a hearing on Facebook's proposed crypto plans in 2019, as well as other panels on crypto, digital currencies, and central bank digital currencies (CBDCs). This upcoming panel is titled "Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States." The page describing the hearing suggests the goal of the event is to hold financial companies accountable to consumers and investors. The hearing will be held at 10:00 AM ET on Wednesday, Dec. 8. It will be available as an online webcast.
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Crypto CEOs Will Testify Before US House Panel More

Crypto CEOs Will Testify Before US House Panel

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  • Maybe they should ask questions about this? (Score:1, Interesting)

    by Anonymous Coward

    Up to 70% of crypto transactions are wash sales.

    As many as 7 in 10 cryptocurrency trades on popular unregulated exchanges may be people buying from themselves (wash sales) to artificially inflate prices, according to a new analysis.

    A paper introduced systematic tests exploiting robust statistical and behavioral patterns in trading to detect fake transactions on 29 cryptocurrency exchanges. Regulated exchanges feature patterns consistently observed in financial markets and nature; abnormal first-significant-

  • Good luck with that (Score:3, Insightful)

    by h33t l4x0r ( 4107715 ) on Thursday December 02, 2021 @05:57AM (#62038795)
    I find it hard to believe that Maxine Waters, can comprehend Defi any better that the slashdot boomers. In other words, not at all.

    • I find it hard to believe that Maxine Waters, can comprehend Defi any better that the slashdot boomers. In other words, not at all.

      Please. As if Congress has anyone else who has a clue about Defi. "Boomer" would be a nice way of describing the out-of-touch capability of a group of senior citizens that we ignorantly put in charge, or kept there since JFK. "Clueless Moron" would be far more accurate than most cheerleade...er I mean voters, would care to admit.

      Let's stop pretending that entity represents youth. Or even competence. Anywhere. They don't even have a grasp on the fucking Fed, and even that is by design. Waiting for Cong

    • The panel are interested in the legal & regulatory aspects of what these companies are doing. I'd bet they have a better grounding in the law & regulation than the CEOs. No doubt the CEOs will have coaching & bring their own lawyers with them.
      • Correct, the other "boomer" comments are very myopic, the "technology" is not the issue.

      • Re: (Score:2)

        by waspleg ( 316038 )

        Your sig, life is very literally a 0 sum game. You came with nothing, you leave with nothing.

      • Some of their staffers, perhaps. At least the ones who haven't been poached by the defi cos. Yet.

        The actual elected officials? Unlikely. Committee heads who got their jobs by seniority alone, which usually means never even having to stand for a seriously contested election?

        Let's remember what Zuckerberg, Dorsey, and Pichai on the Hill looked like a few years back. Some old dude with seniority whips out his iphone and did his best method acting of Grampa Simpson yells at cloud.

    • They don't have to. They understand money flows. Defi is just a bunch of jargon layered over some pretty basic financing.

  • The Bitcoin seat... (Score:3)

    by Xenna ( 37238 ) on Thursday December 02, 2021 @06:02AM (#62038805)

    ...shall remain empty.

  • Missing are the tether/bitfinex CEOs, those thieves and scammers: devasini, paolo arduino and their lawyer, who should all be behind bars.

  • Will the energy being consumed by mining for crypto-coins come up? I believe it will. Will the CO2 emissions from this energy use come up? I expect so. Will anyone mention that we have the technology to produce the energy we need with practically zero CO2 emissions? Unlikely.

    • Will anyone mention that we have the technology to produce the energy we need with practically zero CO2 emissions?

      And that any such energy should be replacing fossil fuels rather than being wasted on crypto mining?

      • There are ways to increase the efficiency of cryptocurrency mining. One easy solution would be to use miners to preheat water for conventional steam-driven power plants.

    • The per-transaction energy consumption is actually expected to go down long term. Basic economics of how the block reward decreases over time. Right now, the utility of the network is growing faster than the reward is dropping. Once (near-)maximum utility is reached, the energy consumption will drop significantly every four years.

  • Maxine Waters (Score:5, Insightful)

    by bradley13 ( 1118935 ) on Thursday December 02, 2021 @07:56AM (#62038983) Homepage
    Room temperature IQ. This is really going to be useful. /s
  • How does this help?
    • Congress wants to prevent a collapse when everybody decides to pull out of cryptocurrency on the same day. This has happened before with banks, so it isn't just some hand waving. The solution then was to set up an insurance system, and to force the banks to maintain a significant portion of their assets as physical holdings. This is likely what will happen with crypto. The question is whether they get this done before or after the next market crash. I think everybody has a pretty good idea of how fast Congr
  • Total amount of cash paid to crypto owners = total amount of cash paid by crypto buyers minus cost of creating and trading crypto minus cost of fraud.

    It's not even a zero sum game.

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