The cryptocurrency industry needs stricter rules, but it is hardly worth taking the position of a total ban on this issue. This opinion was expressed by Senator from Minnesota (USA) Tina Smith on NBC.
Commenting on the collapse of FTX, Smith noted that approximately 40 million Americans “have some kind of investment” in digital assets.
“So to say that we’re just going to get it over with, I don’t quite see how that would work,” she explained.
Smith, along with colleagues from the Democratic Party, has led a campaign calling for tighter regulation. When asked whether crypto should be considered as a commodity, she called consumer protection a real issue and called for SEC use your experience for this.
“We know how to protect consumers in this country from dubious financial transactions and from unethical players like, apparently, FTX […]. I’m not saying that the Commodity Futures Trading Commission [CFTC] does not play an important role. But I think the problem is how to make sure there are basic consumer protections in place so that people don’t get ripped off,” Smith explained.
In December, U.S. Senate Banking Committee Chairman Sherrod Brown admitted that regulators should consider banning cryptocurrencies. At the same time, he acknowledged the complexity of implementing such a scenario.
Earlier, Senators Elizabeth Warren and Roger Wayne Marshall introduced a bill to tighten anti-money laundering measures using cryptocurrencies. The document, among other things, provides for the expansion of the powers of the SEC and the CFTC.
Recall that in November, Warren called for increased regulation of cryptocurrencies, drawing parallels between FTX and Lehman Brothers.
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The cryptocurrency industry needs stricter rules, but it is hardly worth taking the position of a total ban on this issue. This opinion was expressed by Senator from Minnesota (USA) Tina Smith on NBC.
Commenting on the collapse of FTX, Smith noted that approximately 40 million Americans “have some kind of investment” in digital assets.
“So to say that we’re just going to get it over with, I don’t quite see how that would work,” she explained.
Smith, along with colleagues from the Democratic Party, has led a campaign calling for tighter regulation. When asked whether crypto should be considered as a commodity, she called consumer protection a real issue and called for SEC use your experience for this.
“We know how to protect consumers in this country from dubious financial transactions and from unethical players like, apparently, FTX […]. I’m not saying that the Commodity Futures Trading Commission [CFTC] does not play an important role. But I think the problem is how to make sure there are basic consumer protections in place so that people don’t get ripped off,” Smith explained.
In December, U.S. Senate Banking Committee Chairman Sherrod Brown admitted that regulators should consider banning cryptocurrencies. At the same time, he acknowledged the complexity of implementing such a scenario.
Earlier, Senators Elizabeth Warren and Roger Wayne Marshall introduced a bill to tighten anti-money laundering measures using cryptocurrencies. The document, among other things, provides for the expansion of the powers of the SEC and the CFTC.
Recall that in November, Warren called for increased regulation of cryptocurrencies, drawing parallels between FTX and Lehman Brothers.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
