Various crypto executives appeared at a congressional hearing on Wednesday this week, and the details surrounding this hearing have elicited much reaction from the crypto community.
The co-founder and CEO of BitPay, Stephen Pair, appeared in an interview with CNBC, where he expressed his thoughts regarding this meeting and what the message given by these executives meant for the crypto community.
Discussions revolved around stablecoins
Pair stated that the message delivered by the crypto executives before the US Congress mainly revolved around stablecoins and how they will be regulated in the future.
Pair further noted that cryptocurrencies were increasingly being used for payments and that the data from BitPay transactions was evidence that crypto adoption was growing. Moreover, he noted that stablecoins were the most used cryptocurrencies on the platform.
According to Pair, stablecoins pegged to the US dollar were being used as a means of payment for a wide range of products, including cars, electronics, boats, real estate, and a wide range of products.
Stablecoins are getting increased use cases. Stablecoins have recorded a higher adoption rate than other cryptocurrencies because they allow people to transact in fiat terms. Blockchain further makes it possible for people to transact with their preferred currencies pegged to the USD or another fiat currency in a faster and secure way.
Pair also addressed the issue of exchange rates in regards to crypto payments. Cryptocurrencies are highly volatile, and this creates a challenge in settling payments. However, Pair stated that to make this possible, the exchange had partnered with companies that allow merchants to receive payments in their preferred currency. This is made through the instant conversion of crypto into fiat.
The executive also remained positive that more companies would start adopting crypto payments in the future. In 2021, most companies and institutions have endorsed cryptocurrencies because of the growing demand for digital assets.
Crypto CEOs on Capitol Hill
December 8 was a big day for the crypto community because the top executives from six leading crypto companies such as Circle, FTX and COINBASE appeared to testify at a congressional hearing in the US.
As aforementioned, the executives discussed stablecoins at length and urged the legislatures to consider supporting these cryptocurrencies to ensure the crypto business does not move from the US to offshore locations.
The executives further noted that clear regulations were needed in this sector and that strict regulations could be bad for the industry, as they would stifle innovations. The executives urged Congress to protect them from tough regulations.
However, Congress also noted various concerns regarding the use of stablecoins and pointed out Facebook’s stablecoin plans, which could stifle the status of the US dollar as the world reserve currency.
The congressional hearing marked the first time that crypto executives had the chance to testify and explain the concept of digital assets to US lawmakers. The hearing comes at a critical time for the US due to the growing use of cryptocurrencies, threatening the US dollar’s value.
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