Crypto Chief Executive Officers will appear before Congress on Dec. 8. The news comes as the crypto regulatory question continues to be one of the primary questions in the country.
Related: Bloomberg Expects US to Embrace Crypto in 2022
The hearing was called by the U.S. Representative for California's 43rd congressional district, chair of the House Committee of Financial Services, Maxine Waters. It aims to improve lawmakers' understanding of crypto assets and how current regulations can control the sphere.
According to a press release by the institutions, 8 crypto representatives will be present. They are Coinbase's CFO Alesia Haas, Circle CEO Jeremy Allaire, FTX's Samuel Bankman-Fried, Bitfury Group CEO Brian Brooks, Paxos Trust, Company's CEO Charles Cascarilla, Stellar's Denelle Dixon. It's the first time when crypto CEOs talk in congress.
The global crypto market cap currently stands at around $2.3 trillion. Representatives of the crypto industry previously mentioned the need for clear regulations. Bankman-Fried shared his topics of discussion, saying it will include information about the exchange and its products, the role of stablecoins and how policy makers could achieve good policy outcomes.