Senator Elizabeth Warren has actually advised Treasury Secretary Janet Yellen to establish a “coordinated and cohesive regulatory strategy” on cryptocurrencies.
During the Senate Bank Committee Hearing, U.S. Senator Elizabeth Warren exposed that she had actually sent out a letter to Treasury Secretary Janet Yellen in which she advised the Treasury Secretary to “act with urgency” on the policy of the cryptocurrency market.
The letter penned by Senator Warren raised the ‘& lsquo; risks & rsquo; presented by cryptocurrencies and asked the Treasury Secretary as Chair of the Financial Stability Oversight Council (FSOC) to to “& ldquo; show seriousness” & rdquo; to attend to the threat of cryptocurrencies, keeping in mind how “cryptocurrencies currently touch or can ripple through nearly every corner of the financial system”.
“I have become increasingly concerned about the dangers cryptocurrencies pose to investors, consumers, and the environment in the absence of sufficient regulation in the United States.2 However, as the demand for cryptocurrencies continues to grow and these assets become more embedded in our financial system, the Council must determine whether these trends raise concerns beyond investor and consumer protection and extend to broader systemic vulnerabilities that could threaten financial stability”
Warren pressed the matter of cryptocurrency regulation, bringing up the urgency and time constraints that regulation of this area involves, noting that the market could come under stress without quick action.
” FSOC ought to examine this matter and identify whether it is suitable to use its statutory authority to include the systemic threats presented by the growing cryptocurrency market. The longer that the United States waits to adjust the correct regulative program for these possessions, the most likely they will end up being so linked in our monetary system that there might be possibly severe repercussions if this market comes under tension.”
A Senate Banking Committee hearing on cryptocurrency was held on Tuesday morning following the letter Warren sent.With a a hearing titled, “Cryptocurrencies: What are they good for?”. In addition to this hearing, separate hearings were held on central bank digital currency and Ransomware.
Disclaimer: This post is offered educational functions just. It is not used or meant to be utilized as legal, tax, financial investment, monetary, or other suggestions.
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