Lawmakers Financial News

By Katherine Masters

By Sharon Bernstein

South Korean opposition lawmakers have sharply criticized the head of the United Nations’ nuclear watchdog for its approval of Japanese plans to release treated wastewater from the damaged Fukushima nuclear power plant

Six members of the United States Congress have called on the U.S. Securities and Exchange Commission (SEC) and Department of Justice to investigate Prometheum, claiming the firm has ties to the Chinese Communist Party. 

South Korean opposition lawmakers have sharply criticized the head of the United Nations’ nuclear watchdog for its approval of Japanese plans to release treated wastewater from the damaged Fukushima nuclear power plant

Indian consulate in San Francisco and called for a thorough probe into the incident so that the perpetrators are brought to justice. While the right to protest is ingrained in the US Constitution, no one has the right to engage in violence, they said in separate statements and tweets on Friday. They also condemned the threats issued to Indian diplomats, including India's Ambassador to the US Taranjit Singh Sandhu, by separatist Sikhs and called on the Biden administration to ensure safety of foreign diplomats.

violent rhetoric’ against India's Ambassador to the US Taranjit Singh Sandhu and said free speech does not mean a license to incite violence or vandalise property. Congressmen Ro Khanna in a tweet said that act is dangerous and has no place in a democracy. He also added that free speech does not mean a license to incite violence.

₹10 lakh on his head, was shot dead outside a gurdwara in Canada last month. In a joint statement issued on Thursday, Congressmen Ro Khanna and Michael Waltz, co-chairs of the Congressional Caucus on India and Indian-Americans, said violence against diplomatic facilities will not be tolerated. "As the co-chairs of the India Caucus, we strongly condemn the attempted arson and vandalism at the Indian Consulate in San Francisco and the posters circulating on social media with violent rhetoric aimed at Indian diplomats, including Ambassador Sandhu," they said.

World Bank President Ajay Banga to increase investment in climate projects. "We are heartened to see that you recognise the urgency of this problem and hope that the bank will lead a coordinated and robust response to these challenges," the lawmakers said in a letter to Banga on Wednesday.

Brazilian lawmakers have summoned the heads of major crypto exchanges to parliament, with representatives of the trading platforms Binance, Bitso, and OKX all set to attend.

Canada appears ready to take a strong step toward blockchain adoption, with an influential group of lawmakers requesting that the government comes up with a national blockchain strategy. 

Canadian lawmakers' recent report has recognized blockchain, crypto, and mining as innovative industries with "significant, long-term" potential, in need of better regulation. 

Democrats with the United States House Financial Services Committee have introduced several bills in what they described as the “first wave” of legislation aimed at addressing failures at major banks.

On June 20, a bipartisan group of United States lawmakers introduced a bill to establish a commission to study the country’s approach toward artificial intelligence (AI). 

Once again, the United States Securities and Exchange Commission (SEC) became the week’s headliner. Its intention to freeze the entirety of Binance.US’s assets got a reality check from U.S. district court Judge Amy Berman Jackson, who advised the regulator and the crypto exchange to negotiate a deal bilaterally. 

Following a 10-month inquiry, the Aall Party Parliamentary Group (APPG) has made a total of 53 recommendations on a number of key areas, warning that the UK has a finite window of 12-18 months to ensure early leadership on cryptocurrency regulation. The report looks into the the role and current approach of UK regulators including the Bank of England, the FCA and the ASA, the potential offered by Central Bank Digital Currencies and the risks faced in terms of consumer protection and economic crime. The lawmakers contend that cryptocurrency and digital assets are best regulated within existing and new financial services regulations, but state "significant concerns" about whether regulators currently have the resources, capacity and technical expertise required to deliver on their responsibilities. The APPG recommends that all UK regulators related to the sector should have dedicated and properly resourced cryptocurrency and digital assets units, states the report. To ensure a coordinated approach across all policy areas, the Government should also consider the appointment of a ‘Crypto Tsar’ who can help coordinate across departments to ensure a consistent approach.

The CEO of stablecoin issuer Circle has put pressure on lawmakers to pass a stablecoin bill and get it signed by President Joe Biden as other countries forge ahead.

Members of the United States House of Representatives are pushing for ways to remove Securities and Exchange Commission (SEC) chair Gary Gensler from his position, but the legality may be more complicated than a single piece of legislation.

United States Rep. Warren Davidson has introduced the “SEC Stabilization Act” into the House of Representatives, announced on June 12. One of the bill’s main provisions is to fire Securities and Exchange Commission (SEC) Chair Gary Gensler. 

Binance may have misled lawmakers in the United States about its business dealings and relationship with its local unit in a letter sent in March, Bloomberg reported on June 8. 

Following a 10-month inquiry, the Aall Party Parliamentary Group (APPG) has made a total of 53 recommendations on a number of key areas, warning that the UK has a finite window of 12-18 months to ensure early leadership on cryptocurrency regulation. The report looks into the the role and current approach of UK regulators including the Bank of England, the FCA and the ASA, the potential offered by Central Bank Digital Currencies and the risks faced in terms of consumer protection and economic crime. The lawmakers contend that cryptocurrency and digital assets are best regulated within existing and new financial services regulations, but state "significant concerns" about whether regulators currently have the resources, capacity and technical expertise required to deliver on their responsibilities. The APPG recommends that all UK regulators related to the sector should have dedicated and properly resourced cryptocurrency and digital assets units, states the report. To ensure a coordinated approach across all policy areas, the Government should also consider the appointment of a ‘Crypto Tsar’ who can help coordinate across departments to ensure a consistent approach.