In probably the biggest indication that the hearing went well for the industry, the clips from it that made their way around the internet were weird, memeable moments
Sam Bankman-Fried, CEO of crypto exchange FTX, has been described by Forbes as crypto’s richest person, with a net worth of more than $25 billion. He testified in a congressional hearing on Thursday. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images Top executives from six giant players in the crypto world came to Capitol Hill on Wednesday for Congress’s first broad hearing on the industry.
Despite the popular image of crypto being a plaything of the rich, white tech class, the hearing hit repeatedly on how it can be used by minority-owned financial institutions. “Communities of color often rely on minority depository institutions and community-development financial institutions to safely do business and get access to crucial banking needs,” said New York congressman Gregory Meeks.
But not everything went well. In defending the integrity of the crypto markets, Brian Brooks, CEO of Bitfury Group, made trading digital assets like bitcoin seem to be at the mercy of a handful of large holders.
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