Wednesday, January 26

Bitcoin brokers are summoned to a public hearing

Owners of major US Bitcoin brokerages have been summoned to a public congressional hearing next week.

In recent months, the cryptocurrency market has been closely watched by regulators around the world. Unable to stop the advances of Bitcoin, which is a decentralized currency and immune to state intervention, the focus of governments then turned to companies in this sector.

In Brazil, for example, the president of the Central Bank, Roberto Campos Neto, confessed that regulation in this sector will apply only to companies and people involved in the sector, not the currencies themselves.

This movement then begins to gain momentum around the world.

At the US Congress, 6 Bitcoin brokers are summoned to a public hearing

Congresswoman Maxine Waters (83), representative of the Democratic Party in the United States, asked for a public hearing for this month of December to talk about Bitcoin and cryptocurrencies. His intention is to discuss the impacts of this technology on the United States, the world’s greatest economic and military power.

Current chairman of the House Financial Services Committee, Waters has scheduled a hearing on December 8th “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of the Financial Industry Innovation in the United States“.

O event will be broadcast around the world on YouTube and will be attended by six owners of large US brokerages.

Entre eles estão Jeremy Allaire (Circle), Sam Bankman-Fried (FTX), Brian Brooks (Bitfury), Chad Cascarilla (Paxos), Denelle Dixon (Stellar Development Foundation) e Alesia Haas (CEO Coinbase Inc. e CFO da Coinbase Global Inc.).

Since taking over as chairman of the committee, Congresswoman Maxine Waters has already called seven public hearings on the subject of cryptocurrencies. One of them was even with Facebook representatives, when the company announced its plans to create the cryptocurrency Libra, which later became Diem and today has practically disappeared from the news.

In other words, this committee is very strong in the United States, and Congresswoman Maxine has always talked to CEOs of large companies, as her agenda is focused on justice, protection of investors and consumers.

The representatives convened by the public hearing are from some of the largest brokerages operating in the United States and following their regulations. It is noteworthy that representatives of Kraken and Binance.US, two other large local operations, were not invited.

In June 2021, the Chair of the Committee created a “Digital Assets Working Group of Democratic Members”, whose intention is to oversee the market for cryptocurrencies and digital currencies of central banks. That way, future US Bitcoin laws may come out of these meetings.

“As cryptocurrencies, central bank digital currencies and other digital assets enter the market, the Committee will analyze how digital assets have started to enter many aspects of our lives – from payments to investments to remittances – and will consider how to develop legislation to support responsible innovation that protects consumers and investors while promoting greater financial inclusion. Therefore, I am pleased to announce that I have organized a Democratic Members’ Digital Assets Working Group that will look into the issues at hand in the digital assets space.”