Two US senators are urging Federal Reserve Chair Jerome Powell to cut interest rates to avoid an economic recession. In a new letter penned directly to Powell, Democrats Elizabeth Warren (D-Massachusetts) and Jacky Rosen (D-Nevada) argue that persistent high rates are slowing down the economy and driving up the cost of housing and insurance, which […]
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The U.S. president remains the last barrier to recalling the problematic anti-crypto resolution by the SEC.
In a 60 to 38 vote, United States senators passed H.J. Res. 109, a resolution nullifying the U.S. Securities and Exchange Commission’s (SECs) Staff Accounting Bulletin No. 121. The commission’s rule requires banks to keep customers’ digital assets on their balance sheets, with capital maintained against them — a measure many lawmakers and industry leaders have criticized as stifling innovation.
“The tally, a stunning 60 ‘Yeas’ in the Senate vote, sends a strong signal that both houses of Congress, across the political divide, clearly disapprove of this rule,” stated crypto advocacy group the Blockchain Association.
However, before the resolution passed in the U.S. House of Representatives, President Joe Biden said he intended to veto the bill to “protect investors in crypto-asset markets and to safeguard the broader financial system.”
US Senator Cynthia Lummis (R-WY) says the U.S. Department of Justice (DOJ) should press criminal charges against Binance crypto exchange and Tether over their alleged involvement in financing illicit activity. Lummis says that she is asking the DOJ to conclude its investigation on Binance and USDT-maker Tether and to “consider criminal charges” against the two […]
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US Senator Ted Cruz wants lawmakers in Washington D.C. to be able to purchase their vending-machine snacks using crypto assets. Cruz submitted a resolution earlier this week that would require the Senate and the House of Representatives to only work with food service and vending machine contractors that accept cryptocurrencies. The resolution would apply to […]
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US Senator Sherrod Brown reportedly says banning cryptocurrencies is “very difficult” after presiding over a hearing on the collapse of FTX. In an interview with NBC’s Meet the Press host Chuck Todd, the chair of the U.S. Senate Banking Committee is pushing for more regulations on the cryptocurrency market and has not ruled out backing […]
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US Senator Jon Tester says there is no useful purpose for crypto as the FTX collapse energizes talks to adopt federal crypto regulations. In a new interview with NBC’s Meet the Press host Chuck Todd, the Democratic politician from Montana says he fails to understand why crypto should even exist. “[Crypto has] not been able […]
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US senators are for the second time calling on financial giant Fidelity to reconsider offering Bitcoin (BTC) as an investment in 401(k) retirement accounts. In a letter to Fidelity CEO Abigail Johnson, US Senators Richard Durbin, Elizabeth Warren and Tina Smith say the recent FTX crypto exchange collapse underscores their position that Bitcoin is too […]
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A Republican Senator is introducing a new bill that would protect crypto exchange platforms from certain enforcement actions by the U.S. Securities and Exchange Commission (SEC). According to a recent press release, Bill Hagerty of Tennessee is pitching the Digital Clarity Act of 2022 as a means of shielding crypto exchanges from SEC overreach and […]
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The push to regulate cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) forges ahead as a bipartisan bill has been submitted to the United States Senate. According to a new Wall Street Journal report, Michigan Democrat Debbie Stabenow who chairs the Senate Agriculture Committee is joining with Arkansas Republican John Boozman to empower the Commodity […]
The post Bitcoin (BTC) and Ethereum (ETH) To Be Policed by CFTC Under New US Senate Proposal: Report appeared first on The Daily Hodl.
Saule Omarova, President Joe Biden’s nominee for Comptroller of the Currency, is troubled by the prospect of the US dollar being circumvented and replaced by private digital currencies. While giving testimony before the Senate Banking Committee, the Cornell Law School professor says she is particularly concerned that big tech companies might utilize cryptocurrencies to consolidate […]
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