Six CEOs from major crypto companies were summoned to the U.S. House Committee on Financial Services to testify about the present and future of the industry...and things went surprisingly smooth. Jake Chervinsky, one of the most prominent crypto lobbyists, said this:
Crypto-CEOs had the opportunity to warn regulators about the risk of ill-regulating the space and pushing these companies off-shore. Regulators had the chance to express their interest in understanding and acting sensibly.
Let's see who were these six CEOs and what they represent.
- Sam Bankman-Fried. SBF is the world's youngest billionaire, a charismatic leader for crypto, and the founder and face of FTX. FTX is a centralized exchange specialized in derivatives that has become a force of nature in the industry and is fighting to become a household name in the USA through grandiose partnerships that have sent them to No. 10 on Ad Age's 2021 Marketers of the Year list. FTX's footprint in crypto is vast, thanks to its business activity, including many investments in the space.
- Jeremy Allaire is the CEO of Circle, a company created by Center. This consortium includes members from the cryptocurrency exchange Coinbase and Bitcoin mining company Bitmain to help businesses embrace the innovations in the payments space. Circle is behind USDC, #2 stablecoin by market value.
- Brian Brooks is the CEO of Bitfury Group. Bitfury's story sounds like a western movie: miners turned into tycoons. Bitfury started with mining hardware and software production but has evolved into software, venture capital, and analytics for public administrations.
- Charles Cascarilla is CEO of Paxos Trust Company. Formerly ItBit, one of the first Bitcoin exchanges, Paxos has become an infrastructure provider and is behind some of the most promising examples of big corporation immersion in crypto, helping firms like PayPal or Meta go crypto.
- Denelle Dixon is CEO and Executive Director of Stellar Development, an open-source, decentralized protocol for digital currency to fiat money low-cost transfers.
- Alesia Jeanne Haas is the CFO of Coinbase Global. Coinbase was the first crypto native company to go public. It has become a de facto representative of crypto in Wall Street and is one of the strongest lobbyists for crypto.