WASHINGTON—Cryptocurrency industry executives appeared before Congress on Wednesday to argue that their technologies hold promise for the future, as lawmakers and regulators wrestle with how to bring the more than $2 trillion market under government oversight.
The House Financial Services Committee, led by
Rep. Maxine Waters
(D., Calif.), called the hearing in hopes of improving lawmakers’ understanding of crypto assets and how the sector fits into existing regulations. While millions of Americans have invested in crypto assets, many experts say the asset class needs clearer rules of the road, which Congress could provide.
Cryptocurrency is a name given to a broad group of digital assets such as bitcoin. While the assets are criticized by some as volatile, opaque and presenting risks to users and the broader financial system, the industry executives said cryptocurrency can make financial transactions faster, less…