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Crypto firm CEOs to testify before U.S. House banking panel on Dec. 8 -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Alesia Haas, Chief Financial Officer at Coinbase, reacts to the 2021 Milken Institute Global Conference, Beverly Hills (California), U.S.A, 18 October 2021. REUTERS/David Swanson

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By Pete Schroeder

WASHINGTON (Reuters) – Eight top executives representing major cryptocurrency firms including Coinbase, NASDAQ: Global Inc, and others will appear before the U.S. House Financial Services Committee, Dec. 8. The panel made the announcement on Wednesday.

This hearing is the first opportunity for major participants in rapidly expanding crypto markets to testify before Congress. As lawmakers grapple with how best to regulate this new product, they will be able see the implications.

Many progressives are now more cautious about cryptocurrency, and the potential dangers they pose. Senator Elizabeth Warren among them has called for an end to the regulatory crackdown.

Alesia Haas (CFO) of Coinbase Global According to the announcement from the committee, the hearing will include witnesses such as, and will concentrate on “the benefits and challenges of financial innovations.”

Jeremy Allaire (CEO of Circle), Sam Bankman–Fried (CEO of FTX Trading), Chad Cascarilla (CEO of Paxos) and Dennelle Dixon (CEO of Stellar Development Foundation) will be witness at the hearing.

Brian Brooks (current CEO of Bitfury), who was previously a high-ranking regulator in the banking industry under President Trump, will also be testifying. Brooks, who was acting Comptroller and Currency of Cryptocurrencies, pushed for several policies to make it easier for banks that they use crypto.

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