Congressional Hearing on Digital Currencies and Stablecoins: Bitcoin Holds Steady as CEOs Testify
The price of Bitcoin hovered around the $50,000 mark as the world closely watched the CEOs of 6 big cryptocurrency and stablecoins companies testify in front of the U.S. House Financial Services Committee.
The Bitcoin almost kept steady at around $50,000 and even moved a little as the world closely watched the 6 crypto leaders testify in front of the Congress whereas Ethereum rose to $4,400. The CEOs of six big crypto companies were called upon by the U.S. House Financial Services Committee on 8th December 2021. The CEOs include FTX CEO Sam Bankman-Fried, Paxos CEO Charles Cascarilla, Circle CEO Jeremy Allaire, Bitfury CEO Brian Brooks, Coinbase CEO Alesia, Stellar Development Foundation CEO Denelle Dixon.
The hearing was the first major faceoff between the regulators and the crypto leaders. The US Financial Services Committee has called upon these crypto leaders to be more accountable to their consumers and investors whereas at the same time wants the regulatory authorities to be made aware of the crypto space and the technology behind it. The US Regulatory commission is behind its schedule as it is not able to catch up with the rapid adoption of the crypto industry and the crypto leaders fear that a hasty and stringent regulation can lead to dampening of the blockchain technology and its revolutionary use cases.
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investmen
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