Cryptocurrency chiefs will appear on Capitol Hill next week to testify about the industry’s governance as it grows.
Rep. Marsha Blackburn (R-Tenn.) will host the hearing, titled “Next steps for the cryptocurrency industry,” with Jamie Dimon, chairman and CEO of JPMorgan Chase & Co.; Jon Matonis, co-founder of Coinsecure; Richard Suarez, president of JP Morgan Securities Inc.; and Chris Garrett, CEO of Draper Fisher Jurvetson.
Bitcoin was valued at around $14,000 in December but has since struggled. While the virtual currency was valued at $8,700 on June 14, that’s down nearly 50 percent for the month.
Representatives of the CEOs plan to make several pitches on what legislative changes are needed to help oversee the budding industry.
“The hearing is about exploring what roles government entities can play in this exciting but rapidly evolving industry,” Blackburn said in a statement. “There is a tremendous opportunity for government officials to engage and deliver common sense solutions.”
Miners, like JPMorgan, are some of the biggest players in the industry, but they typically act as intermediaries and earn a fee for every cryptocurrency unit they supply. Bitcoin mining is a form of electricity consumption, which also raises the potential for concerns about regulations.
“Making the debate more central and focusing on who’s in charge, rather than the product, is interesting given how important it is for those miners and regulators to be on the same page,” said Jeremy Allaire, CEO of CircleCI.
The hearing will also include legislators from the House Financial Services Subcommittee on Commercial and Consumer Financial Institutions, Treasury Department, SEC, and Commodity Futures Trading Commission.