Senior executives from eight major cryptocurrency companies, including Coinbase Global Inc, will testify before the United States House Financial Services Committee on December 8, the panel said on Wednesday.
The hearing marks the first time major players in the rapidly growing crypto markets will testify before lawmakers, as policymakers grapple with the implications of the new financial product and how best to regulate it.
Some progressives have become increasingly skeptical of cryptocurrency and the risks it can present, with Senator Elizabeth Warren, among others, calling for a regulatory crackdown on the volatile industry.
Alesia Haas, chief financial officer of Coinbase Global, will be among the witnesses at the hearing, which will focus on “the challenges and benefits of financial innovation,” according to the committee’s announcement.
Jeremy Allaire, CEO of Circle, Sam Bankman-Fried, CEO of FTX Trading, Chad Cascarilla, CEO of Paxos, and Dennelle Dixon, CEO of the Stellar Development Foundation, will also be witnesses at the hearing.
Also witnessed will be Brian Brooks, the current CEO of Bitfury, who was previously a top banking regulator under the Trump administration. As Acting Comptroller of the Currency, Brooks advanced several policies aimed at making it easier for banks to use cryptocurrency.