Circle founder among fintech bosses before US Congress
The co-founder, chairman and chief executive officer of Bermudian-based fintech company Circle is to appear before the US House Committee on Financial Services.
Jeremy Allaire is among six fintech leaders set to take part in a hearing on Wednesday entitled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States”.
Circle provides payments and financial infrastructure for internet businesses.
In mid-2019, Circle International Bermuda Ltd became the first company to be issued a full licence under Bermuda’s Digital Asset Business Act.
Earlier this year, the Bermuda Monetary Authority expanded oversight of Circle's full DABA licence to include Circle Yield, a newly launched high-yield offering that the company said represents an important expansion of Circle's products.
California Democratic congresswoman Maxine Waters chairs a committee which says her leadership has transformed its agenda to focus on fairness, protecting consumers and investors, and includes accountability of large financial institutions and emerging tech products and services.
She has made a practice of calling committee hearings with CEOs of leading financial institutions and companies to hold them accountable.
The committee said it has been a leader in highlighting issues related to cryptocurrency and financial technology.
In June, Ms Waters announced at the first hearing held by the Task Force on Financial Technology that she had organised a Digital Assets Working Group of Democratic Members.
She said: “As cryptocurrencies, central bank digital currencies and other digital assets enter the mainstream, the committee will look at how digital assets have begun to enter many aspects of our lives — from payments to investments to remittances — and consider how to devise legislation to support responsible innovation that protects consumers and investors while promoting greater financial inclusion.
“So, I am pleased to announce that I have organised a Digital Assets Working Group of Democratic members that will examine the issues at hand in the digital assets space.”
The committee said the working group will focus on making sure there is responsible innovation in the cryptocurrency and digital asset space.
It said members are meeting regularly with experts and government officials to learn about the challenges and promise of digital assets.
The committee added that members plan to work together on legislation and policy solutions on such matters as cryptocurrency regulation, the use of blockchain and distributed ledger technology, and the possible development of a US central bank digital currency.
Also appearing as witnesses before the committee will be Samuel Bankman-Fried, CEO and founder, FTX; Brian P Brooks, CEO, Bitfury Group; Charles Cascarilla, CEO and co-founder, Paxos Trust Company; Denelle Dixon, CEO and executive director, Stellar Development Foundation; and Alesia Jeanne Haas, CEO, Coinbase Inc. and CFO, Coinbase Global Inc.