The House Committee engaged with several CEOs of major crypto firms, some urging lawmakers to create regulations, according to a report by CoinTelegraph on Thursday.

  • Speaking at a Wednesday hearing, the CEOs informed US lawmakers about the challenges their companies are facing as both stablecoin issuers and digital asset exchanges.
  • Allaire stated that Circle supported the efforts of Congress for “national licensing and Federal supervision” of stablecoin issuers.
  • Cascarilla supported this sentiment claiming the US financial system is inadequate for handling the emerging digital economy.
  • Paxos CEO stated that a blockchain-based financial framework could help to settle trades on the same day, mitigating counterparty risks and eliminating costly central clearinghouse.
  • Paxos CEO further stated that it would help market participants and regulators to track and correct settlement and margin shortfalls in real-time.

The House committee hearing is keen on discussing four major aspects of the crypto ecosystem: exchanges, stablecoin offerings, regulatory issues, and federal regulatory responses. BTC USD up +0.09%, ETH USD up +0.73%