US Senator Sherrod Brown Urges CFTC, SEC and Treasury Secretary to Enhance Crypto Transparency
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.
Brown sent a letter to three pivotal figures in the U.S. financial landscape: Treasury Secretary Janet Yellen, Securities and Exchange Commission (SEC) Chair Gary Gensler, and Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam.
He emphasized the importance of assessing their current authorities and leveraging them to target deficiencies observed in digital asset tokens and platforms.
The letter has more significance given the context that Senator Brown has ultimate power over crypto’s congressional destiny.
The senator's concerns revolve around the lack of self-policing within the cryptocurrency industry, arguing that opacity benefits insiders, sponsors, and executives.
He asserted that inadequate disclosures persist because it is more profitable when customers are left in the dark.
Consequently, Brown called for real transparency and criticized the industry's attempts to impose limited, self-serving disclosures.
This strong stance from Senator Brown is noteworthy given the uncertainty surrounding his legislative intentions.
While the House of Representatives has made progress in advancing crypto-related bills for floor votes, the Senate has been relatively inactive, with several bills awaiting committee action.
The cryptocurrency industry and regulators have urged lawmakers to develop tailored rules for this unique sector.
Brown's statement suggests the need for new regulations, even if Congress has not yet provided a clear roadmap for agencies to follow in drafting them.
While Senator Brown did
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