US Senate Banking Committee Chair Sherrod Brown has urged Treasury Secretary Janet Yellen to work with regulators and lawmakers to work on crypto legislation.
Sherrod Brown 30 November In his letter to Financial Stability Oversight Committee (FSOC) U.S. Secretary of the Treasury to address the legal framework for the cryptocurrency industry based on recommendations from Janet Yellen demanded to work in coordination with financial regulators and parliamentarians. President Brown confirms that the bankrupt cryptocurrency exchange FTX far from transparency, insecure policies and after its bankruptcy citing the risk wave cited these situations as examples of financial risks that should be avoided.
Brown wrote in his letter that as the FTX bankruptcy was investigated, the company your failurestates that it brings to mind the failure of financial firms that are reckless in risk management and use their authority for malicious purposes. Committee Chair, Janet Yellen, that such risky situations blocking and the risks they carry preventing the spillover into traditional markets He stated that he wanted to work in cooperation with deputies and regulators for this purpose.
On the other hand, Brown said that the fact that regulators align crypto laws with global laws as much as possible is done by companies continuing their activities in countries with more liberal regulations. regulation arbitrage He suggested that he could reduce it, though not completely.