U.S. Lawmakers Push for Clarity in Cryptocurrency Oversight
Four U.S. lawmakers, including Representatives Patrick McHenry, Glenn Thompson, French Hill, and Dusty Johnson, have directed inquiries to Treasury Secretary Janet Yellen regarding gaps in crypto oversight.
The letter addresses concerns about the lack of regulatory scrutiny in digital asset markets, particularly focusing on Bitcoin, Ether, and non-security crypto assets. The lawmakers are seeking clarification on how to apply existing laws to these assets. The letter highlights the Financial Stability Oversight Council’s (FSOC) repeated warnings about digital asset market oversight. Following the collapse of FTX crypto exchange, the House Committees on Agriculture and Financial Services have proposed the Financial Innovation and Technology Act for the 21st Century (FIT21) to enhance regulatory oversight.
The lawmakers question Yellen on FSOC’s coordination with the SEC and CFTC and request information on the Digital Assets Working Group’s meetings. They seek clarification on the FSOC’s stance regarding securities laws applying to crypto-asset issuers and secondary transactions. Additionally, the letter questions whether FSOC considers Bitcoin and Ether as securities and explores the appropriateness of expanding the CFTC’s jurisdiction to cover the spot market in non-security digital assets.
Clever Robot News Desk 9th February 2024