CEOs of companies functioning in the digital assets industry are set to testify before Congress in the next two hours, at press time.
Representatives are ready to discuss the industry's state in front of congressmen and women
The meeting of crypto industry representatives in Congress was set with the goal of discussion of possible ways of adoption and further regulation of the industry. CEOs of various companies are going to describe the current state of the industry that has recently faced major regulations from the government.
CEOs of such companies as Circle, Coinbase, FTX and Paxos are ready to speak in the next few hours before officials at 10 a.m. EST. The main concern of the committee is the protection of investors and consumers that are willing to receive exposure to the cryptocurrency market.
Industry representatives are expected to reflect the current state of the crypto and blockchain industry and describe current issues with the regulatory framework presented by various regulators like the SEC. CEOs are expected to push the agenda of creating a separate regulatory framework for the industry instead of pushing through existing financial control tools.
What does blockchain tech bring to the table
Blockchain technologies and crypto, in general, open up borders for investors and general users by allowing faster and cheaper transactions globally without going through up to 15% fees that currently exist in the remittance market, for example.
In addition to being a modern and sufficient payment tool, cryptocurrency technology allows the implementation of various decentralized financial solutions. The Modern DeFi platform allows decentralized banking that includes lending, borrowing and "yielding" of digital assets.