Top executives from six major cryptocurrency companies including Coinbase and Circle on Wednesday urged Congress to provide clearer rules for the booming $3 trillion industry, but said that inflexible restrictions would push business overseas.
The US House of Representatives Financial Services Committee marked the first time senior cryptocurrency leaders have explained their businesses to members of Congress amid growing concerns cryptocurrencies may pose systemic risks and hurt investors.
The executives repeated calls for careful, bespoke rules rather than forcing the industry to comply with existing regulations.
“Without tailored legislative solutions that are openly debated with public participation, the United States risks unnecessarily onerous and chilling laws and regulations,” said Alesia Haas, chief executive of Coinbase.
Congress is unlikely to make new crypto rules anytime soon, analysts say, and committee members treated the hearing primarily as a fact-finding exercise.
Democrat Maxine Waters, who heads the panel, said there are questions about proper oversight and singled out Facebook's stablecoin plans as a major concern given the company's huge global reach.
Some members of Congress, Republicans in particular, praised the executives for leading the way on what could be a pivotal technology.
“I am tremendously impressed. I see a lot of ingenuity, a lot of entrepreneurial spirit,” said Pete Sessions, a Texas Republican. “We need to be supportive of you.”
The chief executives of FTX Trading, Paxos, Stellar Development Foundation and BitFury also testified.
The rapid growth of cryptocurrencies and in particular stablecoins — digital assets pegged to traditional currencies — has caught the attention of regulators, who fear they could put the financial system at risk if not properly monitored.
Some policymakers, such as Elizabeth Warren and Securities and Exchange Commission Chairman Gary Gensler, are also concerned the products could be used for illicit purposes or to take advantage of unsuspecting consumers.
In November, a US Treasury-led working group recommended Congress pass a law specifying stablecoins should only be issued by companies that have insured deposits, like banks.
Executives said they would welcome regulatory clarity, which could help the industry expand, but that overly restrictive rules could prove counterproductive.
The rapid growth in the sector underscores there is strong investor appetite for digital assets and should be supported with clear rules rather than stifled, they said.
BitFury's Brian Brooks, who was formerly chief executive of Binance's US business and before that a bank regulator, told the committee that cryptocurrencies are similar to traditional assets.
“We are the last country standing that hasn't figured that out,” he said.
But the complexity and volatility of cryptocurrencies, as well as wildly varying standards about disclosure, reserves, consumer protection and other policies, have left some concerned.
“Most of the people that I know that have invested in cryptocurrencies [have done so] … because they think they can get rich quick,” said Juan Vargas, a representative from California.
“We've seen this before, unfortunately, and it led to the financial crisis.”
Pathaan
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MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
The five pillars of Islam
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Global state-owned investor ranking by size
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United States
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2.
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China
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3.
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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More coverage from the Future Forum
School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
match info
Manchester United 3 (Martial 7', 44', 74')
Sheffield United 0
Company%20profile
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Match info:
Real Betis v Sevilla, 10.45pm (UAE)
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
MATCH INFO
Manchester City 3 (Silva 8' &15, Foden 33')
Birmginahm City 0
Man of the match Bernado Silva (Manchester City)
