Forbes - ✨ Trendsetter

Committee on Financial Services, singled out the social media giant Facebook's plans to launch a stablecoin on its platforms as a major concern due its global reach.

Key quotes: "Without tailored legislative solutions that are openly debated with public participation, the United States risks unnecessarily onerous and chilling laws and regulations," said Coinbase chief financial officer Alesia Haas.

With great potential... "The industry has the potential to improve a lot of people’s lives," FTX chief executive Sam Bankman-Fried told lawmakers in comments reported by the Wall Street Journal.

Fans and foes... "I am tremendously impressed. I see a lot of ingenuity, a lot of entrepreneurial spirit. "We need to be supportive of you," Representative Pete Sessions, a Texas Republican, was quoted by Reuters. On the other side... "Most of the people that I know that have invested in cryptocurrencies (have done so)...because they think they can get rich quick," said Representative Juan Vargas. "We've seen this before, unfortunately, and it led to the financial crisis."

The bottom line: New U.S. crypto rules will be a long time coming and yesterday's hearing was primarily a fact-finding exercise but highlighted the need for the U.S. to catch up with other countries around the world if it wants to remain competitive in crypto.

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