On Wednesday, Congresswoman Maxine Waters (NYSE:) (D-CA), Chairwoman of the House Committee on Financial Services, announced that she’s convening the full Committee in an in-person and remote session to grill six CEOs of various cryptocurrency companies. The hybrid session titled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States” will be held at 10 am ET on Wednesday, Dec. 8.

According to the Congresswoman’s press release, the following witnesses will be in attendance:

• Jeremy Allaire, CEO, Circle
• Sam Bankman-Fried is the CEO of FTX
• Brian Brooks CEO, Bitfury
• Chad Cascarilla, CEO, Paxos
• Denelle Dixon, CEO, Stellar Development Foundation
• Alesia Haas CEO, Coinbase Inc. and Chief Financial Officer Coinbase Global Inc.

Rep. Waters was an outspoken opponent of both blockchain technology and cryptocurrency in general. She told Biden in December to reverse and monitor favorable crypto-related guidelines from the Office of the Comptroller of the Currency. This included a provision that permitted banks to keep stablecoins on behalf of clients.

Earlier this year, she formed a Digital Assets Working Group of Democratic Members, comprising a panel of her political peers skeptical of crypto with the intent to “engage with regulators and experts to do a deep dive on this poorly understood and minimally regulated industry.”

Her latest press release further noted that since becoming Chairwoman of the House Financial Services Committee, Waters has, “…transformed the Committee to focus its agenda on fairness, protecting consumers and investors, which includes accountability of large financial institutions and emerging tech products and services. She has made it a practice to call Committee hearings with CEOs of major financial institutions and companies to hold them accountable.”

Waters brought in other high-ranking tech executives to the committee as part her accountability agenda. These include Mark Zuckerberg (NASDAQ:), CEO at Facebook and David Marcus, Head, Novi Digital wallet.

To The Flipside

• Many Senate and House Democrats are skeptical of cryptocurrency and have expressed concern about its future.
• If the past is anything to go by, you can expect Chairwoman Waters’ confrontation with and hostility towards invited witnesses.

What are the reasons to care?

It will most likely result in the public lashing by the crypto executives, which could cast the industry in a negative light and validate the need for Draconian regulations.

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