Crypto CEOs took to Capitol Hill while regulators were trying to understand things like stable coins other digital assets.

Six witnesses from the blockchain and crypto industries, including Denelle Dixon, were called by the US House Committee on Financial Services to testify in one of the first full congressional committee hearings on digital assets and the future of finance.

Faryar Shirzad, Chief Policy officer at Coinbase summarized the key take aways, he pointed to how Coinbase believes digital assets: will drive transformational change across society in positive ways. have the power to create more financial freedom for everyone.

Substance of the Conversation per Denelle Dixon as reported to CNBCs Fast Money:  it was one of the first time that we as a industry really engaged with regulators and policy makers, very directly. So, that we could share information and have really good conversation back and forth.

Today, there was a lot of focus on stable coins particularly the USD backed stable coins and there was focus on whether or not that should be put in statutory language to create more regulation that could be focused specifically on how stable coin should hold their reserves. And, how transparent they need to be with what their reserves are.  So, that was a big focus.

There was also just a lot of information and education around how blockchain works, what happens with respect to the CEOs working from the trading platforms.  What happens with respect to the CEOs who are from trading platforms and so talking about the trading platforms and consumer protection. It was a lot of information. It was a 5-hour hearing. So, it was a really lot of exchange there.

For clarity, the “U.S. House of Representatives Financial Services Committee hearing” is the first time where industry’s senior leaders explained their businesses to U.S. lawmakers while there have been growing concerns about cryptocurrencies becoming a systemic risk which hurts investors.

Crypto executives have been repeated expressing a need for bespoke rules which are well thought rather than forcing the industry to comply with existing regulations, which are very old and not suitable for current day innovations.  The current committee is about fact finding and it does not look like the congress will be able to make new rules any time soon.  Law makers are trying to use this opportunity as a fact-finding exercise.

The growth of stable coins which are pegged to fiat currencies has been particularly an eye sore to regulators who feel that it might post a systemic risk if not monitored carefully.

The top executives from six major cryptocurrency companies including Coinbase and Circle urged U.S. Congress to provide clearer rules for the booming $3 trillion industry, but warned that overly tough restrictions would push it overseas.