Gensler Slammed In Crypto Congress Meeting While XRP Gets Praised

December 8, 2021 10:54 pm

Crypto CEOs finally had their day in Congress.

Top crypto leaders answered questions from the House Financial Services Committee regarding regulations and the SEC’s constant overstepping.

At one moment Representative Ann Wagner of Missouri boldly took a shot at SEC chairman Gary Gensler when she stated that Gensler believes that there’s a complete clarity regarding  whether a cryptocurrency is an asset or not however she then refuted Gensler’s statement by citing that Commissioner Pierce went on record saying that the rules regarding cryptocurrency are not clear.

In response Coinbase Chief Financial Officer Alesia Haas stated that the rules are clear but the SEC is not using them in the right manner and are calling some cryptocurrencies securities when in reality they are digital assets.

The star of the Congress hearing was former Comptroller of the Currency Brian Brooks whoa advocated on behalf of XRP.

Watch him shine here:

Politico had more on the story:

The U.S. cryptocurrency industry’s top CEOs Wednesday pleaded with lawmakers to let their startups flourish without onerous regulations as Washington struggles to figure out how to police a decade-old digital asset market that’s approaching $3 trillion.

The crypto leaders appeared at a House Financial Services Committee hearing that revealed an emerging ideological divide between the left and the right over how the government should oversee the industry. It’s an increasingly urgent question for federal regulators and Congress with 16 percent of Americans saying they have used cryptocurrencies such as Bitcoin and Ether.

Top Democrats showed a clear skepticism toward the financial risks associated with crypto trading, while Republicans largely called for taking a cautious approach to enacting new laws. The executives, for their part, called for greater clarity and some showed a distaste for the approach the Securities and Exchange Commission has taken toward the industry.

“We need clear standards and the government’s support to create a new, more secure, more competitive financial system,” said Charles Cascarilla, CEO and co-founder of Paxos Trust Co., which provides financial services to crypto firms. “The benefits of getting this right are enormous — but so are the consequences of getting it wrong.”

 

 

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