DeFi, DOWs, NFTs, Web 3, jargon that was really once just used on crypto Twitter, they’re quickly becoming part of the lexicon.
More Americans than ever are taking notice of this transformational technology. So with that, I now recognize the ranking member of the committee, the gentleman from North Carolina, Mr. The committee will continue its efforts to look at how they are affecting many aspects of our lives and our financial system. At the same time, the promise of digital assets and providing faster payments, instantaneous settlements, and lower transaction fees for remittances or areas that our committee is exploring as more and more people invest in and use cryptocurrencies. As the prevalence of cryptocurrency grows, it has also raised environmental concerns tied to the computing power needed to mine some of the coins, which can rival the energy needs of entire countries like Sweden or Argentina. Meanwhile, the federal reserve is conducting research on central bank digital currencies and other federal agencies like the FDIC and NCUA have announced requests for information from the digital assets industry, the SEC also actively utilizing its existing authorities to carry out enforcement actions against market participants. Some cryptocurrency market exchanges and stable coin issuers have obtained state money transmitter and sale of checks, licenses from multiple states, and at least three cryptocurrency companies have obtained conditional approval for national trust bank charters from the Office of the Comptroller of the Currency. Currently cryptocurrency markets have no overarching or centralized regulatory framework, leaving investments in the digital aspect space vulnerable to fraud, manipulation, and abuse.
However, several questions remain as to how traditional rules apply and whether regulators have sufficient authority to protect investors and consumers while maintaining market integrity and encouraging innovation. The rapid growth of this industry has also become more visible with celebrity endorsements and ATMs that exchange cash for cryptocurrency. The pandemic has also continued to contribute to working families looking for alternatives to rebuild their nest egg by investing in cryptocurrency. Even some pension funds are beginning to invest in cryptocurrencies on behalf of retirees, despite the track record of volatility of cryptocurrencies as investments. At today’s hearing, which I worked with a ranking member McHenry to organize, I look forward to engaging directly with this panel of cryptocurrency CEOs, whose company’s issue stable coins and provide an exchange to buy and sell digital assets, to understand where they think their products, services, and technologies are heading.Īmericans are increasingly making financial decisions using digital assets every day.
We have also held several subcommittee and task force hearings earlier this year to better understand the landscape of this industry.
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This hearing, subsequent hearings on this topic will help this committee consider how to support responsible innovation that protects consumers and investors, safeguards our financial system from systemic risk, promotes financial inclusion, addresses environmental contents, as well as to consider a potential central bank digital currency. Earlier this year, I created a digital assets working group of democratic members to meet with leading regulators, advocates, and other experts on how these novel products and services are reshaping our financial system.
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