The Breakdown US Senate Banking Committee Asks ‘What Are Cryptocurrencies Good For?’
Today on the Brief:
- Exchanges leaving China
- Binance looking to replace CZ with a regulatory-focused CEO
- Crypto venture funding continues
In today’s main discussion, NLW addresses not one, not two but three crypto hearings today spread across the Senate and House. One with a focus on ransomware, another on central bank digital currencies and the last a wide-ranging outlook at the value of cryptocurrencies versus their perceived risks.
One of the notable themes from the Senate Banking Committee hearing was disbelief in cryptos as populist, democratizing, decentralizing tools for remaking finance. Instead, political opponents argued that they were just the play places for shadowy cabals of miners and “super coders” (yes, that’s a term they really used).
More concerning is the argument that cryptos are increasingly a threat to the larger financial system. Where does crypto stand in the eyes of regulators following the hearings?
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