By Pete Schroeder and Katanga Johnson. December 8, 2021. (Reuters).
WASHINGTON – 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 warned that overly tough restrictions would push it overseas.
The U.S. House of Representatives Financial Services Committee hearing marked the first time the industry’s senior leaders have explained their businesses to U.S. lawmakers amid growing concerns cryptocurrencies may pose systemic risks and hurt investors.
Crypto executives repeated calls for careful, bespoke rules rather than forcing the industry to comply with existing regulations.