Congress Financial News

12.04 / 00:41

business regulation Banks Congress Senate community Silicon Valley Circle and BlockFi questioned on banking with SVB by Warren and AOC

Executives at the stablecoin issuer Circle and the bankrupt cryptocurrency lender BlockFi have been questioned by two members of Congress investigating the so-called “mutual backscratching arrangements” alleged to have taken place with the now-failed Silicon Valley Bank (SVB).

08.04 / 02:49

regulation SEC coinbase us government Congress Sec Chair Congressman Tom Emmer says SEC chair Gary Gensler is a 'bad faith regulator'

Crypto-friendly Congressman Tom Emmer has slammed U.S. Securities and Exchange Commission (SEC) chair Gary Gensler for his approach to cryptocurrency regulation, labeling him as a “bad faith regulator.”

29.03 / 21:47

regulation Insurance Congress Signature Bank crypto deposits week FDIC plans to return $4B in Signature crypto deposits 'by early next week' — Martin Gruenberg

Martin Gruenberg, chair of the United States Federal Deposit Insurance Corporation, has said the FDIC plans to return roughly $4 billion in deposits connected to Signature Bank’s digital asset banking business by early April.

28.03 / 23:45

Government Law us government Congress Senate AML Elizabeth Warren is pushing the Senate to ban your crypto wallet

Massachusetts Senator Elizabeth Warren is once again smearing the cryptocurrency industry and attempting to make Americans more dependent on big banks.

28.03 / 00:11

Government Law regulation us government Congress Taxes Biden's policy on crypto taxation undermines his environmental goals

Gains accrued by staking cryptocurrency should not be treated as a taxable event. It only makes sense to tax such gains upon their conversion to legal tender currency. To do otherwise undermines a marquee environmental policy from the administration of United States President Joe Biden.

27.03 / 19:09

CBDC NFT regulation IRS Congress Senate Ted Cruz and Ron DeSantis take on the ‘digital dollar’: Law Decoded, March 20–27

Two lawmakers in one week weighed in against the possibility of a United States central bank digital currency (CBDC). Florida Governor Ron DeSantis — expected by many to throw his hat into the ring for the 2024 U.S. presidential race — has called for a ban on a digital dollar in the state. DeSantis spoke out against the Federal Reserve issuing and controlling a CBDC, claiming the initiative would grant “more power” to the government.

23.03 / 00:13

Government regulation Congress lawmakers US lawmakers US lawmakers reiterate concerns about 'sham' crypto firm audits to PCAOB

United States Senators Elizabeth Warren and Ron Wyden have cited the recent collapse of three major banks to call on the Public Company Accounting Oversight Board to “rein in” audits of crypto firms.

21.03 / 18:31

Government Law privacy us government Congress Congressional privacy proposals could kill scores of blockchain projects

With public trust in large tech companies at an all-time low, Congress is once again considering comprehensive data privacy legislation. But the rise of blockchain technologies and the nascent decentralized web mean that these comprehensive proposals are already behind the times. Without major revisions, these legislative proposals risk strangling decentralizing technologies in the cradle.

20.03 / 23:33

Binance European Union Banks Congress Court Silicon Valley In the aftermath of banks’ horrorshow: Law Decoded, March 13–20.

A week after the twinning collapse of Silicon Valley Bank (SVB) and Signature Bank, and the trouble at Credit Suisse, the dust is slowly settling down. SVB Financial Group has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court. The company is no longer affiliated with Silicon Valley Bank, which operates under the jurisdiction of the Federal Deposit Insurance Corporation (FDIC) and is not included in the Chapter 11 filing. Meanwhile, the United Kingdom arm of the bank was acquired by HSBC for 1 British pound.

18.03 / 01:53

regulation Banks Congress Silicon Valley Signature Bank hearing Congress announces March 29 hearing into failures of SVB and Signature Bank

Representatives from the Federal Deposit Insurance Corporation and Federal Reserve will be testifying before the United States House Financial Services Commission in a newly announced hearing investigating the collapse of two major banks.

17.03 / 01:07

regulation Congress SVB Signature Bank lawmaker US lawmaker suggests Signature's collapse was tied to instability of crypto

Michael Bennet, a United States Senator representing the state of Colorado, has suggested that banks that associated with crypto firms did not make “prudentially sound” decisions.

15.03 / 20:19

regulation Congress Signature Bank lawmaker US lawmaker accuses FDIC of using banking instability to attack crypto

Tom Emmer, Majority Whip of the United States House of Representatives, has reiterated concerns that the federal government is “weaponizing” concerns around the banking industry to go after crypto.

13.03 / 17:49

Law CFTC SEC Congress Bitcoin crypto donations State caps or federal regulation: What's next for political crypto donations

On Jan. 25, the Committee on Elections introduced a bill to the Kansas House of Representatives aimed at capping political donations via crypto at $100. Regardless of the success of this legislative initiative, the state of Kanzas won’t be the first jurisdiction to target anonymous donations. From authoritarian nations like Russia or China to electoral democracies like Ireland or Canada, one can find recent attempts to ban crypto donations to politicians all around the globe.

10.03 / 21:39

regulation Congress banking Discrimination Senators US senators write to banking regulators about potential crypto discrimination

Four United States Republican senators lead by Bill Hagerty have written a letter to the heads of federal banking regulatory agencies questioning the ideological motivation behind recent regulatory moves in regard to cryptocurrency. They compared the regulators’ policies to the Obama administration’s Operation Choke Point.

10.03 / 05:09

Blockchain Adoption regulation us government Federal Reserve Congress Bitcoin CBDCs could be 'easily weaponized' to spy on US citizens: Congressman

United States Congressman Tom Emmer believes the launch of programmable central bank digital currency (CBDC) in the country could strip American citizens of their financial privacy.

10.03 / 01:25

regulation SEC FTX Congress BitGo bitcoin etfs Investors might have avoided FTX if the SEC had addressed Bitcoin ETFs, says BitGo CEO

The collapse of crypto exchange FTX and other bearish events in the space were at the center of discussions among lawmakers and witnesses at the inaugural hearing of the United States House Committee on Financial Services’ Subcommittee on Digital Assets, Financial Technology and Inclusion.

09.03 / 22:05

regulation Congress House Republicans House Republicans directly criticize Biden administration for digital asset policies

Statements from Republican lawmakers ahead of the inaugural hearing of the United States House of Representatives subcommittee focused on digital assets, financial technology and inclusion suggest partisan divides on crypto regulation.

09.03 / 00:05

Law Stablecoin regulation Congress Crypto bill draft will be released in April, says Senator Gillibrand

According to United States Senator Kirsten Gillibrand, a new draft of the bipartisan crypto bill pioneered by herself and Senator Cynthia Lummis will be released to the new Congress after being deferred in 2022.

07.03 / 20:39

Government Law regulation Congress lawmakers US lawmakers US lawmakers planning to reintroduce bill aimed at fixing crypto reporting requirements: Report

A group of United States lawmakers is reportedly planning to reintroduce legislation to change the reporting requirements for certain taxpayers involved in crypto transactions.

06.03 / 21:25

regulation SEC Congress Senate Meta Ceo American regulators are pushing hard against crypto: Law Decoded, Feb. 28–March 6

American lawmakers and regulators continue to compete in their creative efforts to propose anything but comprehensive game rules for the crypto industry.

04.03 / 00:53

Mining regulation Environment Congress Senators Senators renew call for EPA investigation of crypto mining emissions data

United States Senator Edward Markey and Representative Jared Huffman announced March 3 that they would reintroduce the Crypto-Asset Environmental Transparency Act in Congress. The move comes ahead of a Senate hearing on the environmental impact of crypto mining, which Markey will chair on March 7.

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