{"id":518747,"date":"2022-11-30T22:00:00","date_gmt":"2022-11-30T19:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/senate-banking-committee-chair-calls-for-coordination-with-treasury-on-crypto\/"},"modified":"2022-11-30T22:00:00","modified_gmt":"2022-11-30T19:00:00","slug":"senate-banking-committee-chair-calls-for-coordination-with-treasury-on-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/senate-banking-committee-chair-calls-for-coordination-with-treasury-on-crypto\/","title":{"rendered":"# Senate Banking Committee chair calls for coordination with Treasury on crypto"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a418e1809ac2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a418e1809ac2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/senate-banking-committee-chair-calls-for-coordination-with-treasury-on-crypto\/#%E2%80%9D_Senate_Banking_Committee_chair_calls_for_coordination_with_Treasury_on_crypto_%E2%80%9C\" >&#8221; Senate Banking Committee chair calls for coordination with Treasury on crypto &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Senate_Banking_Committee_chair_calls_for_coordination_with_Treasury_on_crypto_%E2%80%9C\"><\/span>&#8221; Senate Banking Committee chair calls for coordination with Treasury on crypto &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNDQ1ZGQxZWMtZGNhMi00YTQ3LWJjNDMtOTUyNmNjNmFkOWEyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-b8b12140>Sherrod Brown, chair of the United States Senate Banking Committee, has called on Treasury Secretary Janet Yellen to work with financial regulators and lawmakers on comprehensive crypto legislation \u201cin the wake of FTX\u2019s implosion.\u201d<\/p>\n<p>In a Nov. 30 letter to Yellen, Brown <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/letter_to_treasury_secretary_yellen_on_ftx_1130221.pdf\">requested<\/a> the Treasury Secretary coordinate with regulators to address crypto based on recommendations from the Financial Stability Oversight Committee, or FSOC. The committee chair cited crypto exchange FTX\u2019s \u201calarming fraud\u201d, liquidity crunch, and bankruptcy as an example of financial risk that should not \u201cspillover into traditional financial markets and institutions.\u201d<\/p>\n<p>\u201cI ask that you coordinate with the other financial regulators to further work on the recommendations from the FSOC Report, including the development of legislation that would create authorities for regulators to have visibility into, and otherwise supervise, the activities of the affiliates and subsidiaries of crypto asset entities,\u201d said Brown. \u201cAs noted in the FSOC Report, single regulatory agencies currently <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly do not have a comprehensive view of crypto asset entities\u2019 activities.\u201d<\/p>\n<p>He added:<\/p>\n<blockquote><p>\u201cAs the FTX failure makes clear, given crypto asset entities\u2019 broad use of proprietary crypto tokens combined with opaque financial arrangements and the reliance on arbitrary valuation and data sources, the financial regulatory agencies should continue to find ways to enhance entity and crypto asset disclosures, market integrity, and transparency.\u201d<\/p><\/blockquote>\n<p>In October, the FSOC released a report in accordance with U.S. President Joe Biden\u2019s executive order on crypto, aimed at exploring potential regulatory gaps and financial stability risks of digital assets. The council recommended lawmakers pass legislation to determine which \u201crulemaking authority\u201d will be responsible for regulating parts of the crypto spot market \u2014 i.e. the Securities and Exchange Commission or the Commodity Futures Trading Commission. At the time, Yellen said the report provided \u201ca strong foundation for policymakers\u201d but did not offer a timeline for action.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Senate Banking Committee Democrats warn SoFi about meeting its compliance deadline<\/em><\/strong><\/p>\n<p>Brown\u2019s response was the latest from U.S. lawmakers jumping in to offer their two cents on FTX\u2019s bankruptcy and possible regulatory and legal action. On Nov. 23, Senators Elizabeth Warren and Sheldon Whitehouse penned a letter to the Justice Department to potentially prosecute individuals involved in wrongdoing at FTX as well as investigate the exchange\u2019s downfall with the \u201cutmost scrutiny.\u201d Committees in both the House of Representatives and the Senate will be conducting separate hearings in December to address the collapse of the crypto exchange.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/senate-banking-committee-chair-calls-for-coordination-with-treasury-on-crypto\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Senate Banking Committee chair calls for coordination with Treasury on crypto &#8220; Sherrod Brown, chair of the United States Senate Banking Committee, has called on Treasury Secretary Janet Yellen to work with financial regulators and lawmakers on comprehensive crypto legislation \u201cin the wake of FTX\u2019s implosion.\u201d In a Nov. 30 letter to Yellen, Brown&#8230;<\/p>\n","protected":false},"author":1,"featured_media":518748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNDQ1ZGQxZWMtZGNhMi00YTQ3LWJjNDMtOTUyNmNjNmFkOWEyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,135234,70934,70289,67874],"class_list":["post-518747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-ftx","tag-regulation","tag-senate","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/518747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=518747"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/518747\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/518748"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=518747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=518747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=518747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}