Sherrod Brown News

U.S. Treasury Secretary Janet Yellen has expressed the need for increased authority within the Treasury Department to address the alleged utilization of crypto by terrorist groups.

Wells Fargo & Co. is now the first major US bank to have a unionized workforce.

By Andrea Shalal

JPMorgan chief executive Jamie Dimon and other major banks warned lawmakers Wednesday that capital hikes and other new regulations being contemplated by U.S. bank regulators will hurt lending, capital markets and the broader economy. The industry has been waging a fierce campaign to kill the «Basel endgame» proposal, which overhauls how banks must calculate their loss-absorbing capital, and as regulators roll out fair lending and fee cap regulations, among other rules. The CEOs hope to use the hearing as an opportunity to try to convince key moderate Democratic senators that the rule, which is being led by the Federal Reserve, could stifle lending, hurting small businesses and consumers. «If enacted as drafted, this proposal will fundamentally alter the U.S.

The Senate Committee on Banking, Houses, and Urban Affairs met on November 14th to conduct a hearing regarding oversight of financial regulators.

Senator Kirsten Gillibrand is in talks with her Democrat colleagues in the Senate to support cryptocurrency regulation amid speculations of a government shutdown.

A bill designed to block the potential launch of a US central bank digital currency (CBDC) has progressed to the floor of the US House of Representatives following the house committee approval on Wednesday. 

The chair of the Senate Banking Committee, Sherrod Brown has urged key federal agencies to use their existing authority to address concerns within the cryptocurrency industry and enhance transparency to protect investors.

By Richard Cowan and Ann Saphir

Congress responded to the fiery train derailment in eastern Ohio earlier this year with bipartisan alarm at railroad crashes causing potential disasters

Legislation championed by crypto advocates that sets clearer rules for the nascent industry was approved by a key US House panel on Wednesday. 

House Republican lawmaker said Tuesday that he intends to hold a committee vote on a comprehensive bill to establish a regulatory framework for cryptocurrency products in the coming weeks. Representative Patrick McHenry, chairman of the House Financial Services Committee, said he expects to put a bill forward for the panel to consider after lawmakers return to work on July 11. «I intend for this committee to mark up some form of this legislation when we return from the July 4 recess,» he said at a hearing Tuesday. McHenry has been leading an effort by some Republicans in Congress to pass a bill establishing clear rules for the crypto industry. A discussion draft put forward earlier this month by McHenry and others would clarify responsibilities for overseeing crypto products by regulators, and would give a pathway for crypto companies and exchanges to register with those agencies.

Last week, another major quake shook crypto markets. Silvergate Bank — a crypto-fiat gateway network for financial institutions and a significant on-ramp for cryptocurrencies in the United States — shut down operations due to liquidity problems. 

The President of the United States Joe Biden has vowed to hold those responsible for the failure of Silicon Valley Bank and Signature Bank while assuring Americans that their deposits are safe. 

The voluntary liquidation of Silvergate Bank, a crypto-friendly bank, has caused a stir in the crypto industry, with many sharing their thoughts about the bank’s troubles and the broader impact of its collapse on crypto. Some United States lawmakers have taken the opportunity to criticize the crypto industry, labeling it as a “risky, volatile sector” that “spreads risk across the financial system.” Senator Elizabeth Warren called for regulators to “step up against crypto risk,” while Senator Sherrod Brown expressed concern that banks that get involved with crypto are putting the financial system at risk.

In a statement, the Bank says: "In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward. The Bank’s wind down and liquidation plan includes full repayment of all deposits.

The voluntary liquidation of crypto-friendly bank Silvergate has sparked many to share their thoughts about the source of its troubles and the broader impact of the bank’s collapse on crypto. 

Reckless. Speculative. Rule-skirting. Those were just some of the salvos that Senate Banking Committee Chair Sherrod Brown lobbed at the crypto industry as he rolled out a Capitol Hill hearing that featured experts who testified that digital assets need more oversight, just days after a spate of regulatory actions against cryptocurrency firms.

United States lawmakers with the Senate Banking Committee have scheduled a second hearing exploring the impact of a crypto market crash.

South Carolina Senator Tim Scott, the Republican ranking member on the United States Senate Banking Committee, reportedly plans to develop “a bipartisan regulatory framework" for cryptocurrencies.

United States Banking Committee chairman Sherrod Brown has suggested that the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) should perhaps consider a ban on cryptocurrencies.