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Digital Assets and the Future of Finance: Understanding the Challenges and...(EventID=114305)
04:30:27
U.S. House Committee on Financial Services

Digital Assets and the Future of Finance: Understanding the Challenges and...(EventID=114305)

Connect with the House Financial Services Committee Get the latest news: https://financialservices.house.gov/ Follow us on Facebook: https://www.facebook.com/HouseFinancialCmte Follow us on Twitter: https://twitter.com/FSCDems ___________________________________ On Wednesday, December 08, 2021, at 10:00 a.m. (ET) full Committee Chairwoman Waters and Ranking Member McHenry will host a virtual hearing entitled, “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States." - - - - - - - - Witnesses for this one-panel hearing will be: • Jeremy Allaire, Co-Founder, Chairman and CEO, Circle • Samuel Bankman-Fried, Founder and CEO, FTX • Brian P. Brooks, CEO, Bitfury Group • Charles Cascarilla, CEO and co-Founder, Paxos Trust Company • Denelle Dixon, CEO and Executive Director, Stellar Development Foundation • Alesia Jeanne Haas, CEO, Coinbase Inc. and CFO, Coinbase Global Inc. Overview Since 2008, financial technology and markets innovation have fostered a new digital asset class and introduced new forms of investing, trading, and payments. These new digital assets have been made possible by advances in cryptography and distributed ledger technology (DLT). Digital assets, such as cryptocurrencies, stablecoins (a subset of cryptocurrencies pegged to a stable reserve asset), and central bank digital currencies are all digital representations of value. The market value of the digital asset ecosystem expanded significantly from approximately $500 billion in 2020 to almost $3 trillion as of November 2021. Over the past few years, the cryptocurrency market composition has shifted from being overwhelmingly dominated by the cryptocurrency Bitcoin, to a host of new digital assets and technologies gaining market share, each with different structural and activity features, including Ether, stablecoins, non-fungible tokens (NFTs), decentralized finance platforms (DeFi)