Coinbase &amp; Circle FTX – main executives from leading crypto firms appeared before Congress on December 8 to make an appeal to lawmakers for tailored legislation for digital assets in Congress. 
<h2>Crypto CEOs Vouch for New Legislation in Congress</h2>
During the legal proceedings, the House Financial Services Committee was led by Rep. Maxine Waters. The fundamental aim of the hearing was to expand regulators' understanding of the new asset class. It also aimed to teach regulators how the crypto <a href="https://www.reuters.com/markets/europe/us-risks-chilling-regulations-crypto-industry-warns-congress-2021-12-07/">market </a>would fit into enduring legislation.

Maxine Waters accentuated concerns concerning the leading cryptocurrency's mining energy usage which can be seen as a remark against the benefits of Bitcoin.

Waters further stated, "I know, there are innumerable questions unanswered such as how traditional rules apply and whether regulators possess adequate authority to safeguard investors and consumers."

Office of the Comptroller of the Currency (OCC)'s former chairperson &amp; CEO of Bitfury - Brian Brooks said, "This topic is crucial for anyone who bothers about American competitiveness in the financial services sector."

Rep. Anthony Gonzalez (R-OH) announced, "Web3 can authorize anyone." He even emphasized the United States' probability of failing to benefit from cryptocurrency-related innovation because of cumbersome regulations." He further questioned, "Will the industry profit from a more cohesive policy in the country?"
<h2>Overlapping Jurisdictions </h2>
Crypto executives advised Congress to provide a clear answer on the overlapping jurisdictions such as the Securities &amp; Exchange Commission (<a href="https://www.cryptoknowmics.com/news/us-sec-rejects-wisdomtree-bitcoin-etf-application-citing-lack-of-crucial-standards/">SEC</a>) and the Commodity Futures Trading Commission (<a href="https://www.cryptoknowmics.com/news/decentralized-prediction-platform-polymarket-under-investigation-by-cftc/">CFTC</a>). The committee supporters stated that on one hand, other countries such as Canada have allowed cryptocurrency-based products like a spot Bitcoin exchange-traded fund (ETF). On the other hand, the United States still continues to block them.

Crypto Executives Appeal Lawmakers for Tailored Legislation for Digital Assets in Congress

Main executives from leading crypto firms appeared before Congress on December 8 to make an appeal to lawmakers for tailored legislation for digital assets in Congress. 

Gitumani is a blockchain enthusiast as she keeps a tab on the recent happenings pertaining to the crypto industry. She aims to provide quality content in blockchain and crypto domain. She is a financial content writer too and has worked on several financial projects related to the stock market news, fundamental research, and technical analysis for several websites.

Crypto Executives Appeal Lawmakers for Tailored Legislation for Digital Assets in Congress

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