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Seeking Alpha 2021-12-08 12:01:21

House Financial Services Committee holds hearing on crypto

The crypto world will tune in to a House hearing this morning, entitled, "Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States." On the witness list are top brass from half a dozen crypto firms, including Alesia Jeanne Haas, CFO of Coinbase Global (NASDAQ:COIN). Lawmakers hope the session will improve their understanding of crypto assets and how the sector fits in to existing regulations. The hearing goes live at 10 a.m. ET. Bigger picture: The executives are expected to highlight the potential upsides of crypto and blockchain technology while downplaying the risks of the sector. They'll also urge Congress to pass laws which would give crypto regulatory authority to a single federal agency. Under current rules, the SEC oversees spot markets for securities, while the Commodity Futures Trading Commission oversees derivatives markets based on commodities, but neither regulator maintains regular

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