Robert Reich, former secretary of labor in the U.S., has called for the government to bypass Congress in order to raise the debt ceiling unilaterally. Reich states that the constitution of the U.S. gives President Biden the faculty of ignoring this debt limit, declaring it unconstitutional — explaining its existence is less significant than the…
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Lawmakers on both sides of the aisle seem to be reaching some sort of agreement on the need for legislation to regulate cryptocurrency. Rep. French Hill, R-Ark., said his Democratic colleagues have told him they have supported “commonsense legislation for months.”… Read More: US House Lawmakers on Both Sides Seemingly Agree on Need for Crypto…
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Top legal officers and a former regulator are slated to testify in front of US congressional committees on Wednesday to unpack digital asset regulation following ongoing tension between the industry and federal agencies. The House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion together with the House Agriculture’s Commodity Markets, Digital Assets and…
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A House Financial Services Committee panel together with a House Agriculture subcommittee plan to unpack digital asset regulation during a hearing next week. Both of those subcommittees’ digital asset focused subcommittees will jointly hold the hearing titled “The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets” on May 10. … Read…
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Florida governor Ron DeSantis reiterated his call for a ban on central bank digital currencies (CBDCs) during a visit to Jacksonville on Tuesday. Last March, DeSantis pushed for legislation to prohibit a CBDC in Florida. At Tuesday’s event called “Government of Laws, Not Woke Politics,” he stated that if the U.S. Federal Reserve or Treasury…
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The legislators objected to a chapter of the president’s annual report that they believe diminished the role of Congress and could damage the economy with its hostility to digital assets. United States Congressmen Warren Davidson and Mike Flood have written a letter to the chair of the Council of Economic Advisers (CEA) demanding an explanation…
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Gensler was reluctant to go into details and faced symbolical pressure rather than genuine attempts to interrogate, leaving the crypto industry without any new clarity. Gary Gensler, the United States Securities Exchange Commission (SEC) chair, recently appeared before the U.S. House of Representatives Financial Services Committee for a hearing regarding his leadership of the regulatory…
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In a court case linked to the now-defunct crypto exchange Gatecoin, a Hong Kong judge has ruled that cryptocurrencies are “property” which is “capable of being held on trust.” According to the law firm Hogan Lovells, this case should provide greater clarity to insolvency practitioners and other common law jurisdictions. Hong Kong Judge Designates Crypto…
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Five experts will testify at a hearing titled “Understanding Stablecoins’ Role in Payments and the Need for Legislation,” with two of them releasing their scripts in advance. The United States House of Representatives Committee on Financial Services will hold a hearing on stablecoin regulation on April 19. The hearing follows the announcement of a new…
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According to two sources close to FTX, Sam Bankman-Fried, the disgraced co-founder, gave his father, Stanford Law professor Joseph Bankman, millions of dollars. The funds are reportedly being used to pay for legal costs. The sources said that Bankman-Fried allegedly gave “at least $10 million” from the now-defunct quantitative trading firm Alameda Research to his…
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