The U.S. Senate Committee on Banking, Housing, and Urban Affairs is primed to probe last year’s crypto crash on Valentine’s Day.
The committee scheduled a hearing for February 14th at 10 a.m. titled “Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets,” according to an fōlafolaga released by committee chairman Sherrod Brown (D-Ohio) on Friday.
Tim Scott (R-South Carolina), the banking committee’s ranking Republican member, released a statement this week outlining the committee’s priorities for the current congressional legislative session. Scott says one of his top priorities is developing a framework for digital assets.
“Recent years have seen expansive growth in the digital assets industry, including an increasing number of consumers interacting with cryptocurrencies. Several high-profile failures resulted in lost consumer assets, exposed regulatory gaps, and highlighted concerns with illicit finance. Moving forward, the Committee should work to facilitate a bipartisan regulatory framework.”
The Senate banking committee previously held a faʻalogo on December 14th to discuss the collapse of now-bankrupt crypto exchange FTX.
Brown has previously valaauina the cryptocurrency market a “complicated, unregulated pot of money” and argued that its issues were larger than FTX itself.
"Ua ou faaaluina le tele o le valu tausaga ma le afa talu ai i lenei galuega o le taitaifono o le Faletupe, Fale, ma le Urban Affairs Committee, aʻoaʻoina aʻu paaga ma taumafai e aʻoaʻoina tagata lautele e uiga i le crypto ma lamatiaga e aumaia i lo tatou saogalemu. i le avea ai o se malo ma tagata faʻatau e faʻafefeina e i latou."
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Source: https://dailyhodl.com/2023/02/04/u-s-senate-banking-committee-schedules-crypto-crash-hearing-for-february-14th/