APT rises 5% after Aptos CEO gets invited to testify in front of U.S. Congress

Aptos Labs CEO Avery Ching is scheduled to testify at a congress hearing about digital assets with the House Committee on Agriculture tomorrow. After the news broke, APT rose by nearly 5%.

In a recent post, Ching stated that he has been invited to testify in front of the U.S. Congress on a hearing titled “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework.” The congressional hearing is set to take place on June 4.

“Market structure legislation is an important step forward and I’m looking forward to sharing how Aptos Labs and the broader L1 ecosystem can power this next era of the decentralized Internet,” said Ching in his post.

Ching is expected to share his insights on real-world use cases for blockchains through the Aptos (APT) ecosystem, token utility, and the need for regulatory clarity to support U.S. innovation. His testimony will be part of the official record on the hearing.

After the news was announced on the Aptos official X account, the protocol’s native token jumped by nearly 5%, escaping its brief slump at $4.68. The rally brought APT up to a peak of $4.96, just barely grazing the $5 threshold. At press time, the token has gone up by 4.5% and is trading hands at $4.93.

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APT’s market cap stands at $3.1 billion. Its daily trading volume has climbed up along with its price, rising by 20.9% in the past 24 hours compared to the previous day.

According to the official site for the U.S. House Committee on Agriculture, Ching is one of four figures with prior knowledge and expertise on digital assets featured on the hearing’s witness list.

Aside from Ching, the other three witnesses invited to testify in front of Congress include Executive vice president of Milken Institute Finance and former U.S. SEC Commissioner Michael Piwowar, Partner at Willkie Farr & Gallagher LLP and former CFTC General Attorney Chelsea E. Pizzola, and Chair of Commodities Futures, and Derivatives Group and Co-Chair of Lowenstein Crypto Ryne Miller.

Last April, the Aptos Foundation announced it has invested an undisclosed amount of funds into Universal Health Token or UHT. UHT is a Singaporean firm behind the Proof-of-Health protocol, which uses AI technology to make health tracking on the blockchain possible.

Within the same month, the U.S. SEC announced that it would delay decisions on several crypto-based ETFs, putting dozens of applications on hold. Among the pending applications is Bitwise’s Aptos ETF application that was sent through on March 6.

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