Crypto representatives and congresspeople discussed the future of digital assets during the hearing called by the chairwoman of the House Committee of Financial Services, Maxine Waters.
FTX CEO Sam Bankman-Fried, Coinbase CFO Alesia Haas, Bitfury Group CEO Brian Brooks, and others told about their companies and answered questions from lawmakers.
Among the main subjects were how the platforms protect users from fraud, and why web 3, and cryptocurrencies are necessary. Witnesses explained that the open-source economy and cryptos powered by blockchain allow trustless financial activities, provide a higher speed of transactions and security. They also said that the companies are ready to comply with regulations.
Although there were some speculations that crypto may create financial instability, and mining can be bad for the environment, the representatives explained that crypto is a way for diversification and not all types of mining require a large amount of energy. It's also worth mentioning that Bitcoin has been also finding ways to renewable energy.
Crypto is already over one decade old. Bitfury Group CEO, former acting comptroller of the currency, Brian Brooks wondered why other countries provide legitimate activity for crypto and U.S. doesn't. In a published statement, Brooks pointed out that not legalizing crypto activities, the US harms investors, innovators, and workers. The executive said for that reason a number of talented founders have left for Singapore, Dubai, Portugal, and other countries. Meanwhile, the US SEC consistently has refused to approve products that other countries welcomed.
Yesterday's hearing is expected to reflect positively on the industry and regulations.