The representative of California crypto skeptic Brad Sherman was right about the crypto market-why?
2022.11.16 12:59
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The representative of California crypto skeptic Brad Sherman was right about the crypto market-why?
Budrigannews.com – California Representative Brad Sherman has repeatedly called for a ban on US residents buying cryptocurrencies and accused the leaders of various financial institutions of violating the idea of former FTX CEO Sam Bankman-Fried to regulate digital assets.
At that time, “at the 16th hearing before the House Financial Services Committee, Sherman directed his comments to the Federal Reserve’s Vice Chairman for Supervision, Michael Barr, the Acting Chairman of the Federal Deposit Insurance Corporation, Martin Gruenberg, the Chairman of Administration of the National Credit Union, Todd Harper, and the Acting Auditor General of the Currency, Michael Hsu. US lawmakers suggested that they have done little to address the “billionaire crypto brothers” who are using digital assets for sanctions and tax evasion, who simply “want the appearance of regulation,” rather than clearly defined rules.
“The crypto billionaire bros is determined to get a light regulator,” Sherman said. “I’m upset about what I’ve heard from you gentlemen: guardrails, a safe and sound way to deal with cryptocurrencies…… You sound like Sam Bankman Fried, only you wear long pants instead of shorts. What a lazy pablum.”
Barr said the FTX collapse had “some impact” on the banking sector, and called on Congress to intervene to provide regulatory clarity. Sherman noted that the Basel Committee on Banking Supervision is proposing “strict and real standards” for banks to process crypto assets. Barr, Gruenberg, Harper and Hsu said they would support equal-strength regulations in the United States.
Related: Will SBF face consequences for FTX mismanagement? Don’t count on it
The California representative addressed the same committee at a 2021-12 hearing on financial innovation in the United States, where Bankman-Fried was testifying. Sherman warned that the crypto company’s CEO “has lobbyists, pacs and their power,” threatening the ability of regulators to protect consumers.
Members of the House Financial Services Committee will hold a hearing on May 12 with the aim of exploring the FTX collapse and its “broader impact on the digital asset ecosystem.””
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