• Bitcoin
  • NFT
  • Binance
  • ETH
  • DeFi
  • Metaverse
  • IDO
  • Coinbase
  • Solana
  • ETF
  • FTX
  • GameFi
Newsletter
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
CoinLive
No Result
View All Result
Home Crypto News

US Senate: After the FTX incident, it is time for Congress to act

189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Senators charged with overseeing cryptocurrency exchanges and the spot industry have pledged to pace up the bill just after the FTX crash.

US Senate: After the FTX incident, it is time for Congress to act

Group of authors in the refinement approach The Digital Commodities Consumer Protection Act (DCCPA), just after the crisis of the FTX exchange and the several consequences, is penetrating deeply into the cryptocurrency industry. FTX CEO Sam Bankman-Fried himself was also a “mad fan” of the bill.

Related articles

Community trust has not yet recovered, Stars Arena continues to be hacked a second time

Community believe in has not nevertheless recovered, Stars Arena continues to be hacked a 2nd time

November 17, 2023
No legal changes have been made to prevent a “second FTX” from occurring.

No legal improvements have been created to avoid a “second FTX” from taking place.

November 16, 2023

The latest collapse of a big cryptocurrency exchange reinforces the urgent require for higher federal oversight of this sector. Consumers carry on to be harmed by the lack of transparency and accountability in this industry. It is time for Congress to act.

– Sen. Debbie Stabenow (@SenStabenow) November 11, 2022

As reported, the DCCPA targets the authorizes and outlines the path that the Commodity Futures Trading Commission (CFTC) will use. management and supervision of the cryptocurrency industry. But so far, in accordance to several sources, the law is only in the approach of getting drafted and internally drafted, but it has not been consulted and accredited.

US Senate Agriculture Committee Chair Debbie Stabenow (D-Mich.) Bluntly stated:

“The latest collapse of a big cryptocurrency exchange reinforces the urgent require for stringent federal management of the sector. Consumers carry on to be harmed by the lack of transparency and accountability in the industry. It’s time for Congress to act! “

Stabenow also exposed that he is operating with his Republican counterpart, Senator John Boozman (R-Ark.), And other regulators to finalize the bill, top to a principal vote in committee. Boozman also pledged to proceed with the bill in a statement on the evening of November ten.

Both also named on regulators to use their powers to prosecute irregularities in the digital assets sector.

A sketch appeared two weeks in the past DCCPA controversial, with measures to the detriment of the DeFi array. However, the CEO of FTX SBF expressed assistance for him, which angered even far more persons. To realize much better, read through the following short article yet again.

The bill splits the cryptocurrency sector in two. Some, aside from Bankman-Fried, are quietly advocating clearer regulatory guidelines on Bitcoin and Ethereum. Others are celebrating as quickly as FTX collapses.

Quote from Attorney Jake Chervinsky, Head of Policy at the Blockchain Association:

The failure of FTX does not justify a rush to regulation in the United States.

FTX is a non-US stock exchange headquartered in the Bahamas. By design and style, it had no shoppers in the US, so it would not be topic to US jurisdiction.

There is no law that Congress can pass to protect against an offshore enterprise from going bankrupt.

– Jake Chervinsky (@jchervinsky) November 11, 2022

“The failure of the FTX are not able to justify hasty regulation of regulatory intervention in the United States.

FTX is an exchange not regulated by the United States, mainly because it is primarily based in the Bahamas. By facility, they have no shoppers in the United States, so they are not topic to United States jurisdiction.

There is no law that Congress can pass to protect against the bankruptcy of a foreign enterprise. “

In addition, the heads of the Financial Services Commission of the Chamber and the Banking Commission of the Senate are also inquire for the adoption of new lawsaids deal with this sector just after the “battle full of injuries” that FTX has triggered.

Recently, a spokesperson for the White House, the US Department of Justice, the SEC, and the CFTC all commented on or initiated an investigation into the collapse of the FTX stock industry.

Synthetic currency 68

Maybe you are interested:

Maybe you are interested:

Tags: actCongressFTXIncidentSenatetime
Share76Tweet47

Related Posts

Strategy Acquires 705 Bitcoin for $75.1 Million

by shark
June 2, 2025
0

Strategy acquired 705 Bitcoin for $75.1 million to strengthen its Bitcoin-centric strategy. Michael Saylor leads the charge during volatile market...

OKX Releases 31st Proof of Reserves Report for May

by shark
June 2, 2025
0

OKX's latest Proof of Reserves report shows changes in BTC, ETH, and USDT holdings.

Stablecoin Activity Peaks with 33.1M Active Addresses in May

by shark
June 2, 2025
0

Stablecoin adoption skyrockets with 33.1 million active addresses in May 2025, supported by Artemis data, reflecting a booming crypto market.

CoinShares Reports Strong $286M Inflows into Digital Assets

by shark
June 2, 2025
0

CoinShares reported $286 million in digital asset investment inflows last week, marking a cumulative $10.9 billion over the last seven...

Tether Excluded from Juventus Capital Raise

by shark
June 2, 2025
0

Tether faces exclusion from a Juventus capital raise despite increased investment stake.

Load More

Tags

analysis announces Bank billion Binance Bitcoin Blockchain BTC CEO Coin Coinbase Crypto cryptocurrencies Cryptocurrency DeFi ETH Ethereum Exchange Finance FTX fund game General News Information Investment Latest Launch launches market Metaverse million Network News NFT platform Price project Protocol Review SEC Solana Token trading users wallet

Recent Posts

  • Strategy Acquires 705 Bitcoin for $75.1 Million
  • OKX Releases 31st Proof of Reserves Report for May
  • Top New Meme Coins to Buy for 2025: Arctic Pablo, Gigachad, Ponke
  • Stablecoin Activity Peaks with 33.1M Active Addresses in May
  • CoinShares Reports Strong $286M Inflows into Digital Assets
  • Tether Excluded from Juventus Capital Raise
  • Hackers Impersonate Security Firms to Steal Crypto Keys
  • Altcoin Market Poised for Potential Bullish Rally
  • About
  • FAQ
  • Contact Us
  • IGO
  • Altcoin
  • Terra
  • Launchpad
  • P2E
  • META
  • AXS
Email us: [email protected]

© 2021 CoinLive - Crypto News 24/7

No Result
View All Result
  • Home
  • Crypto News
  • Market Analysis
  • Learn

© 2021 CoinLive - Crypto News 24/7