U. S. Senate will develop regulatory framework for cryptocurrencies
2023.02.02 14:25
U. S. Senate will develop regulatory framework for cryptocurrencies
By Tiffany Smith
Budrigannews.com – According to reports, “a bipartisan regulatory framework” for cryptocurrencies will be created by Senator Tim Scott, the Republican ranking member on the United States Senate Banking Committee.
Politico reported on February 2 that Scott made the crypto framework one of his top priorities for the 118th Congress. According to reports, he was skeptical of some aspects of cryptocurrencies and made reference to the demise of exchanges such as FTX – “high-profile failures resulted in lost consumer assets”- as well as the possibility of illicit financing.
Scott recently succeeded Pat Toomey as ranking member, who had completed his term without seeking reelection. While Committee Chair Sherrod Brown urged Treasury Secretary Janet Yellen to collaborate with financial regulators and lawmakers on comprehensive crypto legislation, Toomey supported numerous legislative efforts to encourage innovation in the digital asset space.
In December, the Senate Banking Committee held a hearing to look into the collapse of FTX. It may continue its investigation during a new Congress in 2023. Another hearing on FTX may also be held by the House Financial Services Committee, which is headed by Representative Patrick McHenry.
McHenry is able to set the financial committee’s legislative agenda now that the Republican Party has taken control of the House of Representatives. Given the “big hole” in previous committee structures, he reportedly intends to establish a new digital-focused subcommittee.
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