US Congressional Committee Called Major Cryptocurrency Firms
Eight major cryptocurrency firms’ executives have been called to testify about their activities. US congressional committee called them for more scrutiny of crypto-currencies.
It is the first time, companies representing cryptocurrencies have been questioned in this way. Executives of some major cryptocurrency businesses including Coinbase’s Alesia Haas, Circle’s Jeremy Allaire, and Bitfury’s Brian Brooks were called as a witness. Among them, Mr. Brooks of Bitfury performed a prominent financial role under the Trump administration. They both had performed a role in policy-making around crypto-currencies.
It seems US politicians across are now more aware of this controversial sector of the business field. Previously Donald Trump has described crypto-currencies as “a scam”. Similarly, the Democratic Party’s Elizabeth Warren has called for tougher regulation of the sector.
Crypto-currencies are not like traditional currencies. Rather these currencies are stored online in a “digital wallet”. Crypto-currencies can work as investment vehicles or securities. The main characteristic of cryptocurrencies is a high degree of volatility. Recently many countries like India have set to ban crypto-currencies. El Salvador government is planning to establish Bitcoin city at the base of a volcano. However, New York’s next mayor is expected to be paid in Bitcoin.