Committee Financial News

The European Parliament Economic and Monetary Affairs Committee held a hearing on the "FTX cryptocurrency exchange collapse and implications for the EU" on Nov. 30. Three European monetary officials testified, talking about FTX, blockchain technology and crypto regulation in a “preliminary assessment of the events.”

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 “in the wake of FTX’s implosion.”

The United States House Financial Services Committee has announced it will be holding a hearing to investigate the events around the collapse of crypto exchange FTX.

Chairman of the United States Senate Banking Committee Sherrod Brown and three other Democratic committee members sent letters Nov. 21 to federal officials and to Anthony Noto, president of SoFi Technology. They expressed concern about the online bank’s efforts to conform to Federal Reserve Board requirements and nonbank digital asset trading activities conducted through SoFi Digital Assets.

The United States Senate Agriculture Committee has announced that Commodity Futures Trading Commission, or CFTC, chair Rostin Behnam will be one of the witnesses in a hearing exploring the collapse of crypto exchange FTX.

The US House Financial Services Committee plans to investigate the collapse of FTX and hold a hearing on the matter next month.

The ranking members of the House Financial Services Committee, Rep. Maxine Waters (D., Calif.), and Rep. Patrick McHenry (R., N.C.), said Wednesday they would hold a hearing in December to investigate the collapse of cryptocurrency exchange FTX.

Harriet Baldwin is the new head of the influential Treasury committee after winning an election among MPs.

A search for a new head of the influential Treasury committee will kick off imminently after incumbent Mel Stride was promoted in Prime Minister Rishi Sunak’s reshuffle.

The Russian government has to "not hide behind formalities" and speed up the production of weapons and supplies to keep feeding its war in Ukraine, the Russian president urged.

The European Parliament Committee on Economic and Monetary Affairs (ECON) on 10 October approved the Markets in Crypto-Assets (MiCA) framework. It was only in the last week that the European Council approved the final text of MiCA.

According to a new study published by the Basel Committee on Banking Supervision, a supranational organization responsible for setting standards on bank capital, liquidity, and funding, 19 out of 182 global banks supervised by the committee reported ownership of digital assets. Combined, their total exposure to crypto is estimated to be €9.4 billion. 

However, with a second consultation now out, a group of eight trade associations - including the Global Financial Markets Association, the Futures Industry Association and the International Swaps and Derivatives Association - have once again raised objections.Some parts of the second consultation "would meaningfully reduce banks’ ability to—and in some cases effectively preclude banks from—utilising the benefits of distributed ledger technology (“DLT”) to perform certain traditional banking, financial intermediation and other financial functions more efficiently."As a result, banks would be limited in their ability to respond to their customers’ demand for access to cryptoasset products and services. That outcome is not in the best interests of customers, investors or the financial system more broadly.

The comments period has ended for the Basel Committee on Banking Supervision (BCBS) “Second Consultation on the Prudential Treatment of Cryptoasset Exposures,” a document published in June 2022. 

The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its inaugural meeting in late August, chaired by Mohamed Ali Al Shorafa, chairman of the Abu Dhabi Department of Economic Development and chairman of the Securities and Commodities Authority (SCA).

Spain violated the political rights of former Catalan leaders in connection with the 2017 secession attempt, an independent UN rights committee has found.

Following its last hearing, cryptocurrency lending platform Vauld reached out to its customers seeking their interest to be a part of a proposed Committee of Creditors (CoC), to whom it owes money.

The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its inaugural meeting in late August, chaired by Mohamed Ali Al Shorafa, chairman of the Abu Dhabi Department of Economic Development and chairman of the Securities and Commodities Authority (SCA).

Binance representatives participated in a hearing of the Philippine Senate Banking Committee, according to a report in the local press Wednesday. Bangko Sentral ng Pilipinas deputy governor Chuchi Fonacier, the country’s Security Exchange Commission (SEC) chair Emilio Aquino, and members of FinTech Alliance Philippines and the Cagayan Economic Zone Authority also took part in that hearing.

Eight major reviews, two major consultations, 30 wider probes — that’s what has gone into forming post-Brexit regulation in the UK.

The principle of "same risk, same regulation" for crypto received further confirmation with the release Wednesday of new guidance on stablecoin arrangements (SAs). The guidance, issued by the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) and International Organization of Securities Commissions (IOSCO), applies the Principles for Financial Market Infrastructures (PFMI) for payment, clearing and settlement systems to systemically important SAs that transfer stablecoins.