Here's Why Crypto Execs Are Testifying In Congress

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What is Metaverse and How is It the Next Big Thing in Crypto?
What is Metaverse and How is It the Next Big Thing in Crypto?

Representatives from eight leading crypto firms, including Coinbase, Circle, and Bitfury, have all been asked to testify in Congress as various politicians have called for an increased investigation into cryptocurrency.

Coinbase's Alesia Haas, Circle's Jeremy Allaire, and Bitfury's Brian Brooks will be among those who will speak before a U.S. congressional committee on Dec. 8 regarding "the challenges and benefits of financial innovation," the BBC reports. 

The call to speak in front of congress comes after Elizabeth Warren, D-Mass, said in a September statement that "regulators need to step up to address crypto’s regulatory gaps and ensure that we’re actually building the inclusive financial system that we need."

Elsewhere in the political realm, former President Donald Trump stated in October that he thought cryptocurrency could pose a threat to the U.S. dollar.

“I'm a big fan of our currency," Trump said in an interview with Yahoo! Finance. "I don't want to have other currencies coming out and hurting or demeaning the dollar in any way.” 

Many nations around the world have taken unique approaches to cryptocurrency. China has banned cryptocurrency transactions, and it seems like India will do the same.

But not all politicians appear skeptical of cryptocurrency. Miami mayor Francis Suarez has emphasized his push to make the city a focal point of digital innovation and New York City mayor-elect Eric Adams said in a tweet last month that he will take his first three paychecks in Bitcoin.

“NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries,” the Democrat said, as he also expressed his desire to include cryptocurrency into the economy of the city. 

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