Massachusetts Senator Elizabeth Warren sounds alarming about how companies that have been exchanged publicly may essentially exceed US security laws if a bill to repair cryptocurrency markets becomes law.
At a hearing Wednesday by the Senate Banking Committee to meet the Crypto market structural law, Rank by member Warren Says He will be in favor of digital asset regulations that strengthen the US financial system, but has expressed concerns about the clarity of the digital asset market, or clarity, which is considered in the House of Representative.
The Massachusetts senator suggested that “non-crypto companies” could token their assets to prevent regulations implemented by the US Securities and Exchange Commission (SEC).
“Under the House Bill, a company that has been publicly exchanged with Meta or Tesla can only decide to put its stock on the blockchain and – POOF! – it will escape all SEC regulations,” Warren said. “That’s a serious problem for our country.”
Warren also has Question of Meta’s potential influence To lawmakers weighing guidance and establishing national innovation for the US Stablecoins, or Genius Act, as the company has announced plans for its own stablecoin.
The two bills, as well as the law to restrict the formation of a US Central Bank Digital Currency (CBDC), is expected to be considered at home beginning on Monday.
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Conflicts in Crypto interest are still a topic of discussion in Congress
Wednesday’s hearing marked one of the first time lawmakers in the Senate responded to a crypto market structure bill after its leadership Set a September goal to pass the law.
Ripple CEO Brad Garlinghouse, former members of the Commodity Futures Trading Commission (CFTC), and others testified, offered their thoughts on Congress’ approach to digital assets.
“More than 55 million Americans participated in the crypto economy, equivalent to a $ 3.4 trillion market cap today,” Says Garlinghouse in his ready testimony. “A wise frame of regulation for the crypto market structure is important to realize that the future, and long.
Richard Painter, a former Chief White House Ethics lawyer invited Warren to speak, added:
“We cannot have people in charge of passing law and law enforcement, law enforcement, have conflicts of interest in their official responsibility. You must stay away from crypto if you regulate crypto.”
Both Warren and Painter specifically called the president of the United States Donald Trump for his relationship with the cryptocurrency industry, including through his family business World Liberty Financial and the launch of his Memecoin, official Trump (Trump).
The senator accused Republicans who delivered a “industry handout” in response to crypto lobbyists and refused to address Trump’s so -called “corruption” from the industry.
Bloomberg reported on July 2 that Trump had Added at least $ 620 million in his portfolio for a few months because of his crypto investment.
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