U.S. Senate Banking Committee Schedules ‘Crypto Crash’ Hearing for February 14th

The U.S. Senate Committee on Banking, Housing, and City Affairs is primed to probe final 12 months’s crypto crash on Valentine’s Day.

The committee scheduled a listening to for February 14th at 10 a.m. titled “Crypto Crash: Why Monetary System Safeguards are Wanted for Digital Property,” in line with an announcement launched by committee chairman Sherrod Brown (D-Ohio) on Friday.

Tim Scott (R-South Carolina), the banking committee’s rating Republican member, launched an announcement this week outlining the committee’s priorities for the present congressional legislative session. Scott says considered one of his high priorities is growing a framework for digital belongings.

“Current years have seen expansive development within the digital belongings trade, together with an growing variety of customers interacting with cryptocurrencies. A number of high-profile failures resulted in misplaced client belongings, uncovered regulatory gaps, and highlighted considerations with illicit finance. Transferring ahead, the Committee ought to work to facilitate a bipartisan regulatory framework.”

The Senate banking committee beforehand held a hearing on December 14th to debate the collapse of now-bankrupt crypto alternate FTX.

Brown has beforehand referred to as the cryptocurrency market a “difficult, unregulated pot of cash” and argued that its points had been bigger than FTX itself.

“I’ve spent a lot of the final eight years and a half on this job as chair of the Banking, Housing, and City Affairs Committee, educating my colleagues and making an attempt to teach the general public about crypto and the hazards that it presents to our safety as a nation and the customers that get hoodwinked by them.”

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