Key Takeaways From Crypto CEOs' Trip to Capitol Hill [Business News Network (BNN) (Canada)]
Coinbase Global, Inc. - Class A (COIN)
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Source: Business News Network
The House Financial Services Committee hearing featured executives from exchanges FTX and Coinbase Global Inc., as well as stablecoin issuers Circle and Paxos, all of whom largely agreed with lawmakers that greater regulation of crypto is needed. The cordial tone was in sharp contrast to the combative hearing two years ago, when Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg was grilled by the same committee over his company's plan for a slew of stablecoins via a project called Libra. Under regulatory and congressional pressure, Libra -- later renamed Diem -- has dramatically scaled back its ambitions. Fast forward to today, where most crypto executives already knew tougher regulation was coming. The President's Working Group on Financial Markets recently proposed for stablecoin issuers to effectively become banks, with ensured deposits. The witnesses worked to calm any concern about the potential destabilizing impact of stablecoins on financial markets. “Well-design
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