On Wednesday, executives from six major digital asset companies appeared before the US House Financial Services Committee.

Rep. Maxine Waters called a hearing on digital assets, but many lawmakers expressed a lack of understanding of the emerging technology.

Brian Brooks, CEO of Bitfury, urged lawmakers to look past the investment side of the industry and focus on the innovation that blockchain technology can bring.

The committee asked FTX CEO Sam Bankman-Fried if algorithms and open source software might actually make the system better.

Bankman-Fried said that cryptocurrencies can be used to make financial life simpler, cheaper, faster, and more equitable for people.

Rep. Alexandria Ocasio-Cortez questioned Jeremy Allaire, the CEO of payments company Circle, about a new global economic infrastructure layer that would allow companies to compete.

When a bitcoin spot ETF is not available, firms will move their business to other nations.

Brooks said that ETFs are legal in other countries, but not the US, and that developers of ETFs have to go abroad to do business.


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