The witness list for last year's stablecoin hearings included the CEOs of a number of prominent crypto firms, including Jeremy Allaire of Circle, Sam Bankman-Fried of FTX, Alesia Jeanne Haas of Coinbase and Brian Brooks of Bitfury, who also once served as Acting Comptroller of the Currency. The witness list for the upcoming hearings are not yet available.
Both hearings promise an examination of the President's Working Group on Financial Markets' Report on Stablecoins, which came out at the start of last November. In that report, the group urged Congress to limit stablecoin issuance to insured depository institutions. Meanwhile, the Financial Stability Oversight Council designated stablecoins a systemic risk, meaning FSOC could leverage emergency regulatory powers if Congress fails to act.
Representative Patrick McHenry (R-NC) wrote to House Financial Services Committee Chair Maxine Waters last week, advocating Congress create more clarity surrounding cryptocurrency to keep regulators from broadening their mandates.
Correction: A previous version of this article attributed the witness list to the Feb. 8 hearing. No witness list has yet been posted. We regret the error.
TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.