Crypto firm top executives to testify before Congress

The House Financial Services Committee announced on Wednesday that the top executives of eight major cryptocurrency firms will testify before the committee. 

The committee hearing will focus on understanding the challenges and benefits of financial innovation in the U.S. 

The hearing marks a first for major players in the cryptocurrency world, as lawmakers have grappled with understanding the new financial product and how to regulate it, according to Reuters.

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Circle CEO Jeremy Allaire, FTX CEO Sam Bankman-Fried, Bitfury CEO Brian Brooks, Paxos CEO Chad Cascarilla,  Stellar Development Foundation CEO Denelle Dixon, and the CFO of Coinbase Global Inc. Alesia Haas will be a witnesses at the hearing. 

Brooks, who served as a top bank regulator under the Trump administration, has pushed forward several policies aimed at helping banks engage with cryptocurrency more easily, Reuters reported. 

Some progressive Democrats, including Sen. Elizabeth WarrenElizabeth WarrenDemocrats press cryptomining companies on energy consumption Ocasio-Cortez: Supporting Sinema challenge by someone like Gallego would be easy decision Over 80 lawmakers urge Biden to release memo outlining his authority on student debt cancellation MORE (D-Mass.), shared their skepticism about cryptocurrency and the risks it might pose in the economy, calling for a regulatory crackdown on the sector, Reuters noted. 

The hearing is scheduled for Dec.8.