Congress Financial News

Paul Ryan – the 54th speaker of the United States House of Representatives – has emerged as a major proponent of stablecoins, with a bright outlook on what regulation could bring to the industry.

US Treasury Deputy Secretary Wally Adeyemo has urged Congress to provide regulatory tools to combat illicit finance related to cryptocurrencies. 

The U.S. House Financial Services Committee Chair Rep. Patrick McHenry (R-NC) has suggested upcoming advancements in stablecoin legislation before the election.

The House Financial Services Committee voted on Thursday to proceed with a resolution that would “reverse” the United States Securities and Exchange Commission’s (SEC) controversial digital asset accounting bulletin, SAB 121.

CbatGPT developer OpenAI announced last week that it had fired CEO Sam Altman due to a loss of confidence by the board — only to see him return to the company after 90% of OpenAI staffers threatened to resign. The firing caused a flurry of excitement from companies offering to match OpenAI salaries in an attempt to lure top-tier talent.

The United States House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion received an education in the uses of blockchain technology in a hearing titled “Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets.” The meeting began with a discussion of Hamas’s use of crypto for fundraising. However, the committee’s Chair, Representative French Hill, declared that as “phone and the internet aren’t to be blamed for terror financing,” crypto shouldn’t be either. The witnesses, including representatives from Consensys and Chainalysis, spoke about the need for international and public-private collaboration in stopping the misuse of digital assets, the need for well-crafted legislation and the intricacies of blockchain sleuthing.

Several members of the United States Congress have submitted a memo urging key financial authorities, including the chair of the board of the Federal Deposit Insurance Commission and the acting comptroller of the currency, to provide guidance or take action clarifying that the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin 121 (SAB 121) is not enforceable following a recent Government Accountability Office (GAO) finding.

The United States House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion received an education in the uses of blockchain technology in a hearing entitled “Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets” on Nov. 15. The hearing was bipartisan in nature, chair French Hill stated at the outset. 

The United States Securities and Exchange Commission (SEC) could approve all 12 pending spot Bitcoin exchange-traded fund (ETF) applications by Nov. 17. Beginning on Nov. 9, the SEC reportedly has a “window” to approve all 12 spot Bitcoin ETF filings, including Grayscale Investments conversion of its Grayscale Bitcoin Trust product.

Nonprofit ethics group Campaign for Accountability (CfA) sent a letter to U.S. Senators Elizabeth Warren and Sherrod Brown on Nov. 9 to present them with information on the alleged use of cryptocurrency in money laundering. The letter discussed the Tron blockchain and stablecoin issuer Circle in particular.

Pro-crypto Congressman Tom Emmer is advancing an amendment aimed at depriving the United States securities regulator from using government funds to go after crypto enforcement.

United States Senator Cynthia Lummis has scored another one for crypto with a Government Accountability Office (GAO) decision issued on Oct. 31. The GAO found that Securities and Exchange Commission (SEC) Staff Accounting Bulletin 121 should be subject to congressional review. That bulletin, issued in March 2022, has been a source of ire for many pro-crypto lawmakers.

Cynthia Lummis, a crypto proponent representing Wyoming in the United States Senate, has called on the U.S. Justice Department to consider charges against crypto exchange Binance following the terrorist group Hamas’ attack on Israel.

Members of the United States House of Representatives have chosen Mike Johnson to be the body’s next speaker — the second in line to the U.S. presidency and a very powerful figure in Congress. 

Massachusetts Sen. Elizabeth Warren is at it again. With mainstream press outlets including Germany’s Deutsche Welle running sensationalist headlines — “How cryptocurrency fueled Hamas’ terrorist attack” — Warren is using Hamas’ attack on Israel to fuel her own war on cryptocurrency.

Tom Emmer, the current majority whip and a crypto proponent, has reportedly dropped his bid to become the next speaker of the United States House of Representatives — a position second in line to the U.S. presidency.

Republican members of the United States House of Representatives have chosen Tom Emmer, the current majority whip and crypto proponent, as their nominee to be the next speaker. 

North Carolina Representative Patrick McHenry, chair of the United States House Financial Services Committee and crypto proponent in Congress, is still temporarily in the third most powerful role in government after one of his Republican colleagues failed to secure enough votes.

James Comer, chair of the United States House of Representatives Oversight and Accountability Committee, has threatened Securities and Exchange Commission (SEC) chair Gary Gensler with a subpoena. He wrote in the letter dated Oct. 12, that the committee will have “no choice” but to use compulsory measures to obtain documents if the SEC does not start cooperating with it.

At the time of publication, half of the legislative branch of the federal government of the United States was largely paralyzed following a vote ousting then Speaker Kevin McCarthy.

Bitcoin’s (BTC) price bull run towards $28,000 on Oct. 1 was partially fueled by the uncertainty regarding the United States debt limit. However, the U.S. President Joe Biden signed the spending bill just hours before the Sept. 30 deadline, avoiding a government shutdown.