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Citing the implosion of FTX, U.S. lawmakers on Tuesday expressed concern about the risks posed to retail investors and the broader financial system, during a hearing with the country’s top banking regulator, to discuss cryptocurrencies. voiced calls for stricter scrutiny of
Democratic Senator from New Jersey, Bob Menendez, told a colleague, This is a way to sell cryptocurrency exchanges and lending platforms, many of which are involved in risky behavior, while touting them as safe for consumers. “It should be another call for Congress to seriously consider it.” Banking regulators included Michael Burr, Deputy Chairman for Oversight of the Federal Reserve Board, and Michael Hsu, Acting Comptroller of the Currency.
Wyoming Republican Senator Cynthia Ramis co-authored a bipartisan bill outlining a complete regulatory framework for digital assets in the United States.
It is clear that Congress needs to regulate digital assets, she added.
The Commissions Republican leader, Patrick Toomey, has accused regulators of focusing on issues outside their mandate, including climate-related financial risks, and has provided banks with much-needed guidance on cryptocurrency activity. I haven’t
Some banking regulators are distracted but fail to address the real challenges facing the financial system, he said. The ambiguity of the remaining institutions has helped push cryptocurrency activity into foreign jurisdictions with weak or no regulatory regimes.
On Tuesday, Barr warned of possible systemic risks if reciprocal links occur between cryptosystems and more traditional corners of finance.
“Weak or delayed regulation can encourage risk-taking and a race to the bottom, endanger consumers, businesses and the economy, and erode consumer and investor confidence in new products and services. there is,” he said.
