The House Financial Services Committee will hear testimony from five key blockchain industry figures on June 13 as the U.S. government grapples with how to address an increasingly urgent regulatory problem.
The hearing, titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem,” features testimonies from Circle CEO Jeremy Allaire, former SEC attorney Coy Garrison, Ava Labs CEO Emin Gün Sirer, National Futures Association CEO Thomas Sexton, and Prometheum CEO Aaron Kaplan.
The hearing comes at a critical time as the U.S. Securities and Exchange Commission has recently taken legal action against two major cryptocurrency exchanges, Coinbase and Binance, underscoring the urgent need for regulatory clarity in the digital asset space.
Maintaining US tech leadership
The transformative potential of digital currencies was at the forefront of today’s witness testimonies. Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle, and Dr. Emin Gün Sirer, Founder & CEO of Ava Labs, both emphasized the potential of digital currencies and blockchain technology, respectively, for positive social infrastructure in their prepared remarks.
Allaire highlighted the importance of the U.S. ensuring that the dollar remains the most competitive currency on the internet in his prepared remaks. As stablecoins would play a critical role in maintaining dollar dominance, Allaire supports the yet-unnamed stablecoin bill as a critical first step.
Meanwhile, Dr. Sirer offered his perspective on the technology itself as a computer scientist. He emphasized the transformative potential of blockchain technology, comparing its impact to that of the Internet while warning that, without sensible framewo
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Author: Jacob Oliver
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