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Memorandum

December 3, 2021 Memorandum To: Members, Committee on Financial Services From: FSC Majority Staff Subject: December 8, 2021, Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States The full Committee will hold a hybrid hearing entitled, Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States on December 8, 2021 at 10:00 ET in room 2128 of the Rayburn House Office Building, and on the virtual meeting platform Cisco Webex. This hearing will have one panel with the following witnesses: Jeremy Allaire, Co-Founder, Chairman and CEO, Circle Samuel Bankman-Fried, Founder and CEO, FTX Brian P.

Overview of Cryptocurrency Industry . Since 2008,financial technology and markets innovationhave fostered a new digital asset class and introduced new forms of investing, trading, and payments. These new digital assets have been made possible by advances incryptography and distributed ledger technology (DLT). 1. Digital assets, such as

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