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The United States House of Representatives was abuzz with talk about crypto on April 27, as both the Financial Services Committee and the Agriculture Committee held hearings with nearly identical titles and covered nearly the same ground with many similar conclusions.The Financial Services Committee in its hearing “The Future of
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As with most congressional hearings, the event was largely about making political points and grandstanding for the cameras. But it felt significant in that it revealed the scale of Republican dissatisfaction with Gensler’s administration, suggested several points that are likely to become campaign platforms, and publicly weakened the SEC chair’s
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Other witnesses include Purvi Maniar, general counsel at institutional crypto trading platform FalconX, and Nilmini Rubin, head of global policy at decentralized proof-of-stake ledger Hedera. Rounding out the panel are Daniel Davis, partner at law firm Katten Muchin Rosenman LLP, as well as its co-chair, Financial Markets and Regulation and
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Three Republican members of the United States House of Representatives Financial Services Committee have sent letters to the heads of U.S. banking regulatory agencies seeking information on possible coordinated efforts taken against digital asset firms. The letters follow up on ones sent to the same addresses by the lawmakers earlier.The
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Europe is “showing us with Web3 they're ahead of the game of the United States,” despite the European Union’s stumbles on previous internet technology, McHenry said. “That should send chills up the spines of Americans, because economic growth comes out of that technology ingenuity.” Source
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US lawmakers recently slammed SEC Chair Gary Gensler over “rushed” rulemaking on crypto. On Monday afternoon, Republicans on the House Financial Services Committee revealed a discussion draft of legislation to regulate stablecoin issuers. The new draft by Republicans may revive negotiations with Democrats. GOP aides refer to it as a “starting
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Unlike a previous version of the bill, which was published on the committee’s website ahead of a hearing on stablecoins last week, the new version leaves out algorithmic stablecoins, though it does repeat clauses stating that an issuer can either be a subsidiary of a federally insured depository institution or
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In a congressional hearing, White House economist Jared Bernstein says there’s “some evidence” that China wants the U.S. dollar to lose its status as the world’s reserve currency. However, U.S. Senator Bill Hagerty stressed that the biggest threat to the USD dominance comes from within. China Wants to See U.S. Dollar
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The Texas House of Representatives approved a bill that would require crypto exchanges to maintain reserves “in an amount sufficient to fulfill all obligations to customers” on April 20.Should the bill pass the Senate and receive the governor’s signature, it could become law by September 1, 2023. The bill introduces amendments to
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The United States has experienced a very concerning financial crisis in the banking sector this year. The United States House Republicans are notably pushing a Bill that will help ease President Joe Biden’s worry about the current status of the Debt Ceiling. As reported by Bloomberg, the proposal will explore two
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