Sherrod Brown, chair of the U.S. Senate Banking Committee, met with the country’s Secretary of the Treasury, Janet Yellen, in a comprehensive meeting with lawmakers. crypto regulation urged cooperation to prepare.
In an open letter to Yellen today, the committee chair stated that all government agencies should work together on crypto regulation. brown, FTX citing the collapse of the stock market as an example, he believes that it is urgent for all institutions to work together. The Senate official is concerned that the situation on the crypto exchange will spill over into the traditional financial sector.
“I urge the Secretary of the Treasury to work in coordination with other financial institutions, including identifying the necessary areas of jurisdiction for crypto regulation. The arbitrary valuation of the crypto industry is a big problem. We clearly saw the results of that on the FTX exchange.”
FSOC Explores Crypto Industry
The U.S. Treasury Department announced in October that it had launched an investigation to explore gaps in the industry, following President Biden’s executive order. FSOC council asked the senate to determine which agency would do the crypto regulation.
Yellen explained that the FSOC report “creates the basis for industry regulation,” but no timeline has emerged. Following the Treasury Secretary’s statement, Senate deputies began to take a closer interest in the sector.
Last week, some US senators wrote a letter to the Justice Department to identify those who acted maliciously in the FTX case.
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