Skip to content
politicsClosed Dec 8, 2021
Follow Live Coverage of Crypto Leaders Testifying to House Lawmakers
  • Executives say uncertain regulation hinders innovation
  • Crypto companies see digital assets as tool for underbanked
  • Impact of digital assets compared to internet revolution
Thank you for joining us. We’re going to wrap up now. Here are the five key takeaways from today’s crypto hearing:
  • Much of the discussion today focused on stablecoins: How stablecoin reserves and disclosures should be regulated, and whether and how stablecoin companies should be able to access the banking system. Circle’s Jeremy Allaire said, “Well-designed stablecoins are safer than bank deposits.”
  • Coinbase reiterated its plea for a single regulator -- possibly an existing one -- to be appointed as the main overseer for crypto.
  • The crypto executives said continued regulatory uncertainty is pushing crypto startups to move overseas.
  • Crypto exchanges also talked about measures they take to track down bad actors, from conducting know-your-customer checks to working to help law enforcement with investigations.
  • Web3 came up a lot during the hearing. Crypto executives made the point that new applications that use tokens to run can benefit people worldwide, particularly the unbanked. In particular, Web3 apps can reduce costs of sending money.