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Crypto Executives to Get Congressional Scrutiny

Eight CEOs from major crypto firms have been called to testify before the U.S. House Financial Services Committee on December 8, reports Reuters.

Cryptocurrency and the crypto space have long been looked down upon by regulators and members of Congress as a space of extreme volatility and a haven for illicit transactions. This marks the first time that participants within crypto are being asked to testify before lawmakers.

The session is entitled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States,” reports the press release from the U.S. House Committee on Financial Services.

Among those summoned are Alesia Haas, CFO of Coinbase Global; Sam Bankman-Fried, CEO of FTX Trading; Jeremy Allaire, CEO of Circle; Chad Cascarilla, CEO of Paxos; and Dennelle Dixon, CEO of Stellar Development Foundation. Also included is Brian Brooks, CEO of Bitfury and former Comptroller of the Currency under Trump; Brooks helped to shape current cryptocurrency policies in relation to banks.

The United States continues to grapple with the acceptance of cryptocurrencies, despite its adoption in spot funds in other countries. Several senators have recently called for increased crackdowns within the sector that is largely unregulated within the United States, including Senator Elizabeth Warren, who has spoken strongly in regards to the volatility of the space.

It remains to be seen what will come of the Congressional hearing, but with some of the biggest executives heading to Washington to speak on behalf of cryptocurrency, it will be a meeting of note.

Gaining Diversified Exposure to Blockchain Ecosystem

The Amplify Transformational Data Sharing ETF (BLOK), which currently has $1.58 billion in AUM and is the largest of the blockchain ETFs, is actively managed and invests in companies directly involved in developing and using blockchain technology, the drivers of the crypto industry. BLOK was also the first blockchain ETF approved by the SEC and launched in 2018.

The fund invests in companies partnered with or directly investing in companies utilizing and developing blockchain technologies. However, the fund does not invest directly in blockchain technology or cryptocurrencies.

BLOK spreads its holdings across the size spectrum, investing in all market caps. Within the blockchain industry, as of the end of September, top allocations included transactional at 30.0%, crypto miners at 28.0%, and venture at 10%. BLOK invests across the blockchain landscape, in miners, exchanges, and developers.

Top holdings include Silvergate Cap Corp. (SI) at 5.00%, Coinbase Global Inc. (COIN) at 4.93%, and Nvidia Corporation (NVDA) at 4.82%.

BLOK has an expense ratio of 0.71% and currently has 50 holdings.

For more news, information, and strategy, visit the Crypto Channel.

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