US lawmakers demand SEC-FINRA records on Prometheum ETH custody

May 22, 2024 Coin Telegraph

US lawmaker addresses House before FIT21 vote: Bill ‘will stop another FTX’

May 21, 2024 Coin Telegraph

Senate Urged to Swiftly Overturn SEC’s ‘Misguided’ Crypto Rules

May 10, 2024 Bitcoin.com

Stand With Crypto Unveils Political Action Committee (PAC) To Support Digital Asset-Friendly Candidates: Report

May 10, 2024 The Daily Hodl

CFTC Commissioner wants to create AI Fraud Task Force

May 3, 2024 Coin Telegraph

CFTC

Commissioner Kristin Johnson’s remarks came just a day after the CFTC appointed its first chief AI officer.

United States Commodity Futures Trading Commission (CFTC) Commissioner Kristin Johnson recently advanced three proposals for the regulation of artificial intelligence (AI) technologies as they apply to U.S. financial markets.

Speaking at the Technology Advisory Committee (TAC) meeting held on May 2, Johnson laid out the CFTC’s three-pronged agenda consisting of the establishment of a “principles-based framework” to assess the risks associated with integrating AI into financial markets, heightened penalties the intentional misuse of AI, and the creation of a task force to “evaluate, assess, and harmonize guidance, supervision, and regulation that addresses the increasing integration of AI in financial markets.”

While government calls for the creation of investigatory task forces and common-sense risk assessment platforms are nothing new, Johnson’s assertion that crimes committed with the use of AI should be given “heightened penalties” would pose significant changes to the existing legal framework.

US Lawmaker Slams SEC’s Investigation of Ethereum — Says Chair Gensler Intentionally Misled Congress

April 30, 2024 Bitcoin.com

House committee ranking member says a stablecoin bill could be coming soon

April 25, 2024 Coin Telegraph

Coin Telegraph

House Financial Services Committee Ranking Member Maxine Waters said a stablecoin bill “in the short run” was coming amid negotiations with Republican lawmakers and the Senate.

Representative Maxine Waters, ranking member of the United States House Financial Services Committee, has suggested that lawmakers are making progress on passing stablecoin legislation.

In an April 24 interview with Bloomberg, Representative Waters said she had been working “very well together” with committee chair Patrick McHenry in legislation on stablecoins and clawbacks for banks and talking to lawmakers in the U.S. Senate. According to the ranking members, only a “few more tweaks” were necessary for the stablecoin bill to move forward in the House.

“It’s been very complicated,” said Representative Waters. “We have so many entities that are involved [...] everybody has had something to say. We’ve had to recognize all of those concerns. In doing that, in the final analysis, it’s about making sure that investors and that the people are protected and that we don’t have a stablecoin bill where [...] companies don’t have the assets that they say that they have.”

Crypto users fooled by fake Elizabeth Warren letter proposing crypto tax

April 22, 2024 Coin Telegraph

US senators introduce new stablecoin bill

April 17, 2024 Coin Telegraph

Coin Telegraph

For months, Senators Kirsten Gillibrand and Cynthia Lummis had hinted that they were preparing legislation to establish guardrails for stablecoin issuers and users.

United States Senators Kirsten Gillibrand and Cynthia Lummis have introduced legislation establishing a regulatory framework for payment stablecoins.

In an April 17 announcement, the two U.S. Senators said they had introduced the Lummis-Gillibrand Payment Stablecoin Act, a bill the lawmakers had been drafting for months and expected to make public in 2024. According to Gillibrand and Lummis, the legislation prohibited “unbacked, algorithmic stablecoins” — likely a nod at TerraUSD (UST) depegging from the U.S. dollar in 2022 — required one-to-one reserves for issuers, created state and federal regulatory regimes for firms and prevented illicit uses of stablecoins.

“Passing a regulatory framework for stablecoins is absolutely critical to maintaining the U.S. dollar’s dominance, promoting responsible innovation, protecting consumers and cracking down on money laundering and illicit finance,” said Senator Gillibrand. “To draft the strongest bill possible, our offices worked closely with the relevant federal and state agencies and I’m confident this legislation can earn the necessary support in the Senate and the House.”

Senate Banking Committee chair wants to combine stablecoin bill to boost chance of passage

April 16, 2024 Coin Telegraph

Coin Telegraph

A bill in the House of Representatives aimed at providing guardrails for stablecoins has not moved forward since July 2023.

Sherrod Brown, chair of the United States Senate Banking Committee, has reportedly revealed plans to advance a significant stablecoin bill by combining it with legislation related to marijuana businesses and clawing back compensation for bankers.

According to an April 16 Bloomberg report, Senator Brown said he was open to passing stablecoin legislation in Congress as one of his goals, provided his concerns were addressed. The U.S. lawmaker’s reported plans included placing the stablecoin bill in a package with legislation authorizing banks to conduct business with firms selling marijuana and clawbacks for executives of failed financial institutions.

Lawmakers in both the U.S. House of Representatives and Senate have largely failed to advance bills to address regulatory concerns around stablecoins despite support from many in Congress and industry leaders. In February, House Financial Services Committee Ranking Member Maxine Waters said Democrats and Republicans were “very close” to a compromise on a stablecoin bill. In the Senate, a bipartisan group headed by Republican Cynthia Lummis and Democrat Kirsten Gillibrand have spearheaded similar legislation efforts.

congress