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Crypto CEOs ask US Congress for clearer rules for industry

Crypto CEOs ask US Congress for clearer rules for industry

The cryptocurrency chiefs also warned legislators that overly tough regulations would push the asset overseas.

Top executives from six major cryptocurrency companies including Coinbase and Circle on Wednesday urged the United States Congress to provide clearer rules for the booming $3 trillion industry, but warned that overly tough restrictions would push it overseas.

The House of Representatives Committee on Financial Services hearing marked the first time the industry’s senior leaders have explained their businesses to US lawmakers amid growing concerns that cryptocurrencies may pose systemic risks and hurt investors.

Crypto executives repeated calls for careful, bespoke rules rather than forcing the industry to comply with existing regulations.

“Without tailored legislative solutions that are openly debated with public participation, the United States risks unnecessarily onerous and chilling laws and regulations,” warned Alesia Haas, chief executive of Coinbase Inc.

Congress is unlikely to make new crypto rules anytime soon, according to analysts, and lawmakers treated the hearing primarily as a fact-finding exercise.

Democratic Representative Maxine Waters, who chairs the committee, said there are questions about proper oversight and singled out Facebook Inc’s stablecoin plans as a major concern given the company’s huge global reach.

Some lawmakers, in particular Republicans, praised the executives for leading the way on what could be a pivotal technology.

“I am tremendously impressed. I see a lot of ingenuity, a lot of entrepreneurial spirit,” said Representative Pete Sessions, a Texas Republican. “We need to be supportive of you.”

Circle CEO Jeremy Allaire, FTX Trading CEO Sam Bankman-Fried, Paxos CEO Chad Cascarilla, Stellar Development Foundation CEO Denelle Dixon and Bitfury head Brian Brooks also testified.

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