US lawmakers question regulators over ‘revolving door’ with crypto industry
“Americans should be confident that regulators are working on behalf of the public, rather than auditioning for a high-paid lobbying job,” said five senators and House members. Several Democratic members of the United States Senate and House of Representatives have requested information from top regulators and agencies in the country regarding crypto firms hiring government officials upon their departure.In letters dated Oct. 24 addressed to the heads of the Securities and Exchange Commission, Commodity Futures Trading Commission, Treasury Department, Federal Reserve, Federal Deposit....
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U.S. lawmakers have raised concerns about the revolving door between financial regulators and the crypto industry. “Over 200 government officials have moved between public service and crypto firms,” the lawmakers said, adding that they include 31 Treasury Department officials and 28 Securities and Exchange Commission (SEC) officials. Revolving Door Between Financial Regulators, Like SEC, and Crypto Industry Five U.S. lawmakers have sent a letter to seven financial regulators inquiring about measures they are taking to prevent the revolving door between their agencies and the....
The leader of the Nigerian blockchain association, Senator Ihenyen, has implored the country’s lawmakers — currently pushing for the securities law to be revamped — to consider crafting laws that regulate the crypto industry.
Proposed Law Does Not Expressly Mention Cryptocurrencies
As Nigerian lawmakers debate a bill that proposes a ten-year jail term for operators of Ponzi schemes, a leader of a Nigerian blockchain lobby group, Senator Ihenyen, has urged the country’s lawmakers to consider crafting a law to govern the cryptocurrency industry. He....
The central bank and the Securities and Exchange Commission (SEC) of the Philippines discussed crypto regulation in a Senate hearing with the participation of several executives from the crypto industry, including from crypto exchange Binance. Philippine Regulators Discuss Crypto Policies Philippine regulators recently discussed cryptocurrency regulation with some executives from the crypto industry in a Senate Committee on Banks, Financial Institutions, and Currencies hearing, chaired by Senator Mark Villar, the Inquirer reported Wednesday. Bangko Sentral ng Pilipinas (BSP), the....
The crypto industry is ending 2020 on a high note, while major social media platforms face a phalanx of lawmakers and lawsuits. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Law Decoded will be going on a break next week for the holidays but will return in the new year. Editor’s noteAs the holidays loom, Bitcoin has been shattering all-time highs. For reasons why, consult Cointelegraph’s markets coverage. I honestly never know. Maybe with the act of Christmas shopping taking place behind the computer, people have....
According to a report from Reuters, European Union lawmakers are going to take regulating blockchain technology and associated businesses lightly for the time being. EU officials say they will take the “softly approach” to applying a monetary policy to these emerging markets in order to curb stifled innovation. On April 26, EU authorities are set to agree on approaching the blockchain technology industry with little regulation. The caution lawmakers and regulators are taking is because they want the region to succeed in the fintech global race. Jakob von Weizsaecker, a German member of the....