On Feb 6th, U.S. Treasury Secretary Janet Yellen, in her testimony before Congress, highlighted the multifaceted risks posed by the cryptocurrency industry to the financial system, underscoring the urgency for regulatory oversight and legislation. Addressing the House Financial Services Committee, Yellen emphasized the concerns surrounding stablecoins, potential runs on crypto platforms, and the volatile nature […]
FSOC
Crypto Sector Faces Regulatory Strain: FSOC’s Warning Sparks Concerns Of Overreach And Instability.
As the crypto sector continues to evolve, regulators are considering enhanced oversight even while Congress crafts tailored legislation. Specifically, the Financial Stability Oversight Council (FSOC) holds unique powers to designate companies as systemic risks, subjecting them to increased regulation. While FSOC has yet to target crypto firms, their recent warnings have raised concerns of potential […]
Global Push For Crypto Regulations Gains Momentum: PwC Report
A new report from professional services firm PriceWaterhouseCoopers (PwC) indicates that over 40 countries are actively advancing crypto-focused regulations and legislation in 2023. This surge in regulatory activity hints at a potential global embrace of cryptocurrencies as governments seek to navigate the rapidly evolving digital asset landscape. Released on Tuesday, the PwC report identifies four […]
U.S. FSO Council Recommends Crypto Legislation To Address Regulatory Gaps: Report
Officials from the United States Financial Stability Oversight Council (FSOC) recommended that U.S. legislators address the regulatory gaps surrounding crypto in this year’s annual report published on December 16th. The Council’s 2022 annual report evaluates key financial market developments, discusses potential new risks to American financial stability, identifies financial system weaknesses, and offers mitigation suggestions. Digital Assets […]
Senate Banking Committee And Treasury To Join Hands For Crypto Legislation
The chairman of the US Senate Banking Committee, Sherrod Brown, has urged Treasury Secretary Janet Yellen to collaborate with lawmakers and banking authorities on comprehensive crypto legislation “in the wake of FTX’s downfall.” In a letter dated Nov. 30 and addressed to Yellen, the Senate Banking Committee Chair, Brown demanded that the Treasury secretary works […]