Today is the Critical Day for Bitcoin and Altcoins: Here’s What Happens!

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The eyes of the Bitcoin and altcoin community will be on a meeting that will take place in the USA today. So, why would a meeting in the US House of Representatives be of interest to the cryptocurrency space? Because the executives of 6 big crypto money companies will attend this meeting. Here are the details…

Bitcoin and altcoin community is watching this meeting

As we reported on Somanews, the executive of the big 6 crypto-focused companies will attend the US House of Representatives Financial Committee meeting today. At the meeting, comments and views on the cryptocurrency world will be presented. Regulatory developments and concerns that have been under discussion for years are likely to come to the fore at the meeting. Cryptocurrency executives will reportedly want Congress to cautiously regulate cryptocurrencies. The meeting will start at 18:00 Turkish time.

The meeting will be chaired by Maxine Waters, Chair of the House Financial Services Committee. Waters has held several panels on crypto and cryptocurrencies over the past few years. In June, she promised “a comprehensive review of this market” and warned of “the systemic risks presented by hedge funds rushing to invest in highly volatile cryptocurrencies and crypto derivatives.”

The Waters committee called six witnesses to the hearing, executives of major cryptocurrency companies and exchanges, including Coinbase, Circle, and FTX. On Friday, FTX published on its blog a list of ten general recommendations Congress should consider, including the implementation of a single market regulator with a single rulebook and the requirement that cryptocurrency exchanges “exercise regular money laundering surveillance.” Coinbase CEO Alesia Haas also shared her presentation with the press before the meeting and pointed out that unless a moderate attitude towards this area is taken, funds will flow out of the country.