Live: Crypto, Blockchain Hearing at US Senate Banking Committee

Circle CEO Jeremy Allaire will be a witness today in front of the Senate Committee on Banking, House, and Urban Affairs on behalf of The Blockchain Association, along with Rebecca M. Nelson, a specialist in international trade and finance, and Mehrsa Baradaran, a professor of law at University of California, Irvine School of Law.For more detailed information on the witnesses, Cointelegraph has a dedicated analysis here.11:25 a.m. EST.Crapo: I want the U.S. to stay at the forefront of this technology, which both has incredible potential and incredible risk.11:22 a.m. EST.Nelson: Facebook has changed the debate about cryptocurrencies.

11:13 a.m. EST.Brown: "If there aren't really new products, why would we need rules and regulations?"-Brown going off the idea that the ideas are the same for financial instruments, just new technology backing them.11:10 a.m. EST.Crapo: how does Libra gain global acceptance if it's facing every country's different regulatory climate?

11:08 a.m. EST.Allaire notes that there are larger opportunities for digital assets and blockchains outside of the United States.

11:01 a.m. EST.Nelson thinks that some crypto hubs are using regulation as a way to attract crypto to their borders, using clarity and certainty to bring people in to their jurisdictions.

10:56 a.m. EST.Cortez Masto asked Baradaran why digital currencies cannot bank the unbanked.

Warner: "If you have a 100% reserve, where is Libra going to make money on this?".10:36 a.m. EST.Baradaran is now speaking about the ways that people have tried to bank the unbanked and how those past attempts have failed, aligning those past failures with some of the stated goals of cryptocurrencies.

10:34 a.m. EST.Allaire notes that we should regulate digital assets, but that we need new definitions of them as an asset class.

10:31 a.m. EST.Allaire: "Regulations around the custody of assets is a really critical need."

10:18 a.m. EST:.Allaire thinks that current restrictive atmosphere has led companies to domicile overseas, rather than in the U.S, and that Congress should define digital assets as a new asset class.

10:15 a.m. EST:.Jeremey Allaire speaks about his views on the troubles of our current financial system, including cybercriminals, hostile nations, and a lack of equal access.