Crypto CEOs to Testify in Front of Congress Today

Industry leaders are set to represent blockchain businesses before Congress. Read the full article by: Arman Shirinyan

Key Points:

• This year we have seen a lot of talk about regulation of cryptocurrencies for the “protection” of investors. Regulation is not a bad thing as it could help those who have been affected by hacks and rug pulls but also creates another form of tax revenue for the government.

• The bad part of regulation in this case is that it takes away a lot of the freedoms that drew people too crypto in the first place. The biggest looming issue that crypto CEOs are gathering to talk about is the reluctancy of the SEC to approve financial products for investors that are willing to take on the risk. The best we have gotten from the SEC so far is a futures based Bitcoin ETF which is still a step in the right direction.

• Coinbase, FTX, Stellar Lumens and others are meeting with Congress to talk about these current issues and are aiming to have them propose a separate regulatory framework for crypto instead of trying to make it work through existing tools.

• The crypto community has been trying to fight back and pressure the SEC into giving clear regulatory guidance for everyone to follow. The SEC has recently been sued by Terra Luna CEO and Grayscale just in the past few weeks as well. It will be a tough task to get Congress to approve a completely different framework even if it is the best option.