U.S. Senator and chairman of the Senate Banking Committee, Sherrod Brown (D-OH), spoke on Sunday about what actions regulators need to take after the implosion of FTX. He suggested that crypto may be something that “ought to be banned” if not for the risk of sending the industry offshore. Banning Crypto Speaking with NBC’s Chuck...Read More
Yet another US politician at the center of crypto industry regulation has changed stances on Ether’s legal classification. Senator Cynthia Lummis (R-WY) revealed Wednesday that she now views the second largest cryptocurrency as a security – not a commodity. Bitcoin is the Only Crypto Commodity: Lummis Lummis expressed her changed view on the asset with...Read More
Tom Emmer – the U.S. congressional representative for Minnesota – recently spoke on the political meetings and failures surrounding Sam Bankman-Fried (SBF), prior to his exchange’s collapse. The Republican suggested that Bankman-Fried tried currying “special treatment” from the Securities and Exchange Commission (SEC) through meetings with the agency, and attempted to push legislation to the...Read More
Senator Sherrod Brown (D-OH) – Chairman of the Senate Banking Committee – has sent a letter to the chief executives of Apple and Google demanding a response to fake crypto investing apps circulating in their respective stores. The App Problem As the announcement details, the Federal Bureau of Investigation (FBI) warned this month that fake...Read More
The House Financial Services Committee has pushed back its long-awaited stablecoin bill to September following objections from Treasury Secretary Janet Yellen. This will delay congressional discussions on the subject until after the August recess, which ends on September 5th. Stablecoins and Bankruptcy The legislation – negotiated between Committee Chair Maxine Waters (D-Calif) and Patrick McHenry...Read More
Charles Hoskinson – CEO of Input Output Global (IOK) and founder of Cardano – testified to the U.S. House Subcommittee on Commodity Exchanges, Energy and Credit on Thursday. He provided congress with information about the utility of blockchain, and what responsible regulation of the technology and industry could look like. The Benefits of Transparency In...Read More
Wealthy members of the crypto industry including brokers, venture capitalists, and investors have contributed over $52 million in political donations during this midterm election cycle. Half of those funds arrived in May alone, with the largest crypto donor of the month targeting Republican candidates. Crypto Reaching Into Politics As reported by Bloomberg on Tuesday, some...Read More
It would appear that the U.S. Congress is starting to become interested – or concerned – with El Salvador’s adoption of Bitcoin as legal tender. Senators James Risch, Bob Menendez, and Bill Cassidy have introduced a bill titled the ‘‘Accountability for Cryptocurrency in El Salvador Act’’ (or ‘ACES’ act) to monitor the effects of the...Read More
Massachusetts Senator Elizabeth Warren is leading the charge against crypto once again. In a video posted on Dec. 15, she said that stablecoins pose risks to consumers and the economy because they are “propping up one of the shadiest parts of the crypto world, DeFi, where consumers are least protected from getting scammed.” It is...Read More
Today, a major hearing took place on Capitol Hill titled “Digital Assets and the Future of Finance: Understanding Innovation in the United States.” It featured top crypto industry CEOs, including Jeremy Allaire, Sam Bankman-Fried, Brian Brooks, and more. Here’s what some of them told financial regulators about the ideal regulatory landscape. North Carolina Rep Patrick...Read More
Congresswoman Maxine Waters, Chairwoman of the House Committee on Financial Services, announced that the hearing will take place on Dec. 8. Titled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States,” the assembly aims to demystify some of the misconceptions lawmakers have regarding the crypto...Read More
Gary Gensler – chairman of the Securities and Exchange Commission (SEC) – recently revealed the US government’s completed stablecoin report. It outlines risks associated with such tokens and provides “prudential” recommendations to congress on how to address them. Stablecoins: Benefits and Risks The POTUS’ Working Group on Financial Markets (PWS) produced the report in collaboration...Read More
The $1 trillion bipartisan infrastructure bill will be put to the vote on Sept. 30, and the House Speaker is confident it will pass. In a letter released by her office on Sunday, Pelosi said that there will be 4 days of debate before the legislation, which will help fund road, bridge, airport, school, and...Read More
The American lawmakers proposed new cryptocurrency taxation that would raise nearly $28 billion in extra tax revenue. As part of it, digital asset investors in the US would have to report transactions that exceed $10,000 to the International Revenue Service. The Senate Aims to Collect More Taxes According to a recent Bloomberg report, the American...Read More
The Biden administration reportedly plans to take severe measures on the use of digital assets in ransomware attacks by starting to track such transactions. Crypto Tracing to Combat Cyber Attacks The governing body of the USA discussed how to combat the growing number of ransomware attacks during a virtual briefing with members of Congress. According...Read More
Several US Congress members and a Senator have joined Coinbase in asking the US Treasury to extend the timeframe for responses to the recently proposed crypto regulations. The lawmakers argued that the agency hadn’t provided enough time for all concerned parties to issue their feedback. US Congresspeople Ask For Crypto Regulation Extension CryptoPotato reported recently...Read More
