Add news
March 2010April 2010May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020December 2020January 2021February 2021March 2021April 2021May 2021June 2021July 2021August 2021September 2021October 2021November 2021December 2021January 2022February 2022March 2022April 2022May 2022June 2022July 2022August 2022September 2022October 2022November 2022December 2022January 2023
News Every Day |

Crypto collapse triggers Hill face-off over regulation


The crypto meltdown triggered by digital currency exchange FTX is spurring bipartisan calls for legislation to set rules for the industry — but at least one powerful lawmaker is urging caution.

Senate Banking Chair Sherrod Brown (D-Ohio) — an outspoken crypto critic — said Tuesday that he’s eyeing a hearing on the FTX debacle and has been in touch with the Securities and Exchange Commission about the meltdown.

But Brown told reporters he was unsure about the need for legislation, which he noted could be heavily influenced by the crypto industry itself. Brown’s buy-in is critical because his committee is responsible for writing laws that govern agencies that would likely play a role in regulation, including the SEC and federal banking regulators. He is also a member of the Senate Agriculture Committee, which is working on a bill that would give the Commodity Futures Trading Commission, the SEC’s sister agency, oversight of digital assets.

“You’ve got a whole political party here that is always in the pockets of the big financial companies, regardless of whether it’s a crypto company or whether it’s JPMorgan Chase,” he said, dinging Republicans. “So it’s always hard to legislatively do anything. That’s why we rely on regulators so often.”

Brown’s cautious approach to crypto legislation in the face of growing demands for a bill underscores how difficult it will be for Congress to come together on a plan, even in the face of a crisis that is highlighting weaknesses in regulation. FTX, once one of the industry’s biggest exchanges and most prominent voices in Washington, filed for bankruptcy Friday and is now facing scrutiny around whether it misused customer funds.


“This is now a front-burner issue,” said Sen. Cynthia Lummis (R-Wyo.), an industry supporter who has a different comprehensive regulation bill with Sen. Kirsten Gillibrand (D-N.Y.). “By going for months and months without addressing the digital asset industry that has grown so quickly, we have put ourselves at a regulatory disadvantage in dealing with the lack of consumer protections."

Two key questions lawmakers have yet to sort out are the extent to which agencies have sufficient existing authorities to police the market and, if not, which agency should be empowered to oversee it.

Leaders of the SEC and CFTC are vying for pieces of the crypto market, and the split is reflected in legislation that’s started to emerge from Capitol Hill.

Sen. Elizabeth Warren (D-Mass.) said Tuesday that a digital currency bill must be “comprehensive,” covering consumer protections, anti-money laundering rules and climate safeguards for crypto mining.

When asked if the SEC had sufficient powers at the moment, she said the agency “could do more with the current authorities but in order to regulate this entire space we need additional legislation from Congress.”

Warren said it was an “open question” whether the SEC should be the primary regulator.

“The SEC has certainly shown in the past that it has a strong bent toward consumer protection but it also needs more resources in order to carry out its current jobs,” Warren told reporters.

The leaders of the Senate Agriculture Committee are backing a bill that would give the CFTC a bigger role in overseeing crypto trading. The CFTC today primarily focuses on financial derivatives such as futures contracts.

The bill — introduced by Senate Agriculture Chair Debbie Stabenow (D-Mich.) and Sen. John Boozman (R-Ark.) — is facing scrutiny in the wake of the FTX collapse because the company was a major lobbying force behind the legislation. SEC Chair Gary Gensler has said the proposal is “too light-touch."

Boozman said in an interview that the committee is working with the CFTC and other stakeholders “to make sure that the legislation that we proposed would safeguard things like this from happening and protect consumers.”

“Right now, people are trying to figure out why it has imploded,” Boozman said. “You don’t really know what the changes are until you know exactly what’s happening.”

When asked whether former FTX CEO Sam Bankman-Fried helped write the bill, Stabenow said in an interview that “we took input from everybody involved who was interested in having a transparent system that provides accountability and regulation — so certainly we took his input."


"The CFTC chair, SEC, Treasury — we've worked with everyone, because my concern has been exactly this,” she said. “There are no consumer protections in place right now, and the CFTC does not have the legal authority to go in unless there's a crisis."

The FTX collapse, Stabenow said, “is an example of why we need [the bill] more than ever.”

Sen. Cory Booker (D-N.J.), an Agriculture Committee member, said “whether industry had input or not — that’s always going to happen.”

“This bill is a bipartisan bill” aimed at consumer protection, Booker said.

Brown, a member of the Agriculture Committee, said the bill “needs major improvement” and that he wasn’t done working on the proposal to make sure it’s as aggressive as it needs to be.

He said the CFTC has a “narrow jurisdiction” and “we want to see them be aggressive.”

Brown said the finance industry's input on financial regulatory issues — in this case crypto firms weighing in on crypto bills — “is always greater than it should be.”

“I generally believe that, and everything I see tells me that,” he said.

Москва

За оборону Ленинграда наградили в 13 лет

What has happened this MLB offseason? A look at all the moves made in the AL and NL Central.

How to Fall Asleep in 60 Seconds (OR LESS)

Masturbation is KILLING Your Strength! (NEW RESEARCH)

10+ Outdoor Survival Skills & Bushcraft Tips

Ria.city






Read also

President Biden and McCarthy to Discuss Debt Limit in Talks on Wednesday

The NFL couldn't figure out if the SkyCam wire ruined an Eagles punt and fans were frustrated

I sold my engagement ring on Vinted within days of my ex and I splitting up – there was no way he was getting it back

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

How to Fall Asleep in 60 Seconds (OR LESS)

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

Dumb Things In Marvel's Phase 4 That Didn't Make Any Sense



Sports today


Новости тенниса
Арина Соболенко

Александр Лукашенко отпраздновал победу Арины Соболенко на Australian Open



Спорт в России и мире
Москва

Московское "Динамо" выиграло у "Барыса" в Астане



All sports news today





Sports in Russia today

Москва

Московское "Динамо" выиграло у "Барыса" в Астане


Новости России

Game News

Шапки от Y're – подарки для двоих к 14 февраля


Russian.city


Анастасия Волочкова

«Марамойка с Первого канала» украла у Волочковой два букета цветов


Губернаторы России
2023

Гороскоп и главный совет на весну 2023 года для каждого знака зодиака


Гороскоп и главный совет на весну 2023 года для каждого знака зодиака

Гидрометцентр: В Москве 30 января ожидается небольшой снег

Алиев поддержал в ПАСЕ создание трибунала для Путина и Лукашенко

Фасад одного из зданий бывшего доходного дома графа В. С. Татищева восстановили


Почему Владимир Высоцкий обижался на Станислава Говорухина и Александра Митту

Беременная Моряк отплясывает под Агутина, а Никита Ефремов благодарит отца на премии «Золотой орел»

«Он хотел такого финала»: участница «Голоса» рассказала о последних днях Градского в проекте

Шоумен Семен Слепаков получит наказание за глумление над российскими солдатами


Александр Зинченко – в запасе "Арсенала" на кубковый матч с "Манчестер Сити"

UFC: Молдаванин Романов выйдет на ринг против россиянина Волкова! Бой в Лас-Вегасе (ВИДЕО)

Полиция на Australian Open задержала гражданина США за футболку с символом Z

Белорусская теннисистка Арина Соболенко впервые выиграла турнир Большого шлема - Australian Open



Опасная вспышка птичьего гриппа: новый вирус-мутант может вызвать пандемию

Певец Слава Волк / Slava Volk певец работает сиделкой помогая людям с ограниченными возможностями

Как зарегистрироваться на участие в ЕГЭ до 1 февраля 2023 года

Синоптик Вильфанд предупредил о метелях и необычном понижении давления в Москве


«Динамо» одолело «Борац» в контрольном матче по футболу

ЦСКА прервал серию из трёх поражений, обыграв «Амур» в матче КХЛ

Властимил Петржела: Даже Мбаппе не помог бы "Спартаку" стать чемпионом

Hyundai пытается вернуть производство в Петербурге


Двор вместо машино-места выбрали россияне

Запуск рейсов в Китай из Хабаровска планирует «Аэрофлот»

Чип и Дейл спешат на ликвидацию африканского пожара

Тает лед. Петербуржцы продолжают гулять по Финскому заливу, невзирая на погоду



Путин в России и мире







Персональные новости
Russian.city

Баста

Участница шоу «Голос. Дети» заявила о нежелании видеть Басту после его решения



News Every Day

Dumb Things In Marvel's Phase 4 That Didn't Make Any Sense




Friends of Today24

Музыкальные новости

Персональные новости