Republican Senators Fear Over Regulation of Cryptocurrency Industry
It is reported that four Republican senators said in a letter to several U.S. regulators that regulators are increasingly cracking down on banks serving partic…
It is reported that four Republican senators said in a letter to several U.S. regulators that regulators are increasingly cracking down on banks serving participants in the cryptocurrency industry and may “punish the entire industry”. The letter dated March 9 said that the crackdown on the cryptocurrency industry may exceed the scope of authority of the regulatory authority, similar to the previous crackdown on legitimate gun suppliers through the regulatory financial system.
US Senator: Too much efforts by regulators to crack down on banks in the encryption industry may “punish the whole industry”
Analysis based on this information:
Four Republican senators have raised concerns over the regulation of the cryptocurrency industry in a letter addressed to various U.S. regulators. According to the letter, regulators are imposing strict rules on banks serving customers in the cryptocurrency industry and may “punish the entire industry”. The letter, dated March 9th, highlights that such regulations may exceed the scope of authority of the regulatory authority, similar to the previous crackdown on legitimate gun suppliers via the regulatory financial system.
The letter, which was sent to the Chair of Securities and Exchange Commission (SEC) as well as members of the Federal Reserve Board and the Office of the Comptroller of the Currency, emphasizes the significance of the cryptocurrency industry, noting that recent growth of the industry has “led to increased investment, financial inclusion, and innovative ways to harness technology for financial services”. The senators are also concerned that overregulation may limit these benefits by stifling innovation, reducing competition, and increasing the cost of access to financial services.
The senators’ reference to the crackdown on legitimate gun suppliers implies that regulatory scrutiny may result in the discontinuation of banking services for cryptocurrency-related businesses. In 2013, in the wake of the Sandy Hook school shooting, Operation Choke Point was launched, which allowed the Department of Justice to pressure banks to cut services to gun dealers. The senators expressed concerns that the regulators’ actions against the cryptocurrency industry may resemble Operation Choke Point, which would have consequences for legitimate businesses in the cryptocurrency sector.
While the Republican senators’ letter underscores the need for sensible regulation, it appears to be more aimed at preventing the overregulation of the cryptocurrency industry than opposing its regulation altogether. This aligns with the Republican’s general view of reducing government intervention and allowing innovation to flourish.
In conclusion, the letter indicates that the Republican senators fear the overregulation of the cryptocurrency industry and the prohibition of banking services to cryptocurrency-related businesses. If their concerns come to pass, it could limit the benefits of financial inclusion and innovative technological advancements that the industry currently provides.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/8363/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Chief Technology Officer of Composable Finance Resigns Amidst Transparency Issues and Suspicious Transactions
It is reported that Karel Kubat, chief technology officer of Composable Finance, said that he would leave the company due to the lack of transparency and the e…
-
Why is Bitcoin so difficult to calculate (why is Bitcoin valuable)
Why is Bitcoin so difficult to calculate Bitcoin is the world’s oldest Cryptocurrency, which can be purchased, sold and traded anywhere in the world. But if we consider it as an investment asset, its value is meaningless. But the problem is that we shouldn’t just look at a single digital currency or a string of codes. Because Bitcoin has two characteristics: the first is that its price fluctuates greatly; The second is that its mining efficiency is low, and the mining income is very high So, theoretically speaking, the term ‘Bitcoin’ is problematic. Is Bitcoin worth spending so much money? “This is the question we need to consider. To understand the reasons behind this phenomenon and its impact on the entire blockchain industry, it is necessary to understand two things – firstly, the technical difficulty (especially the algorithm); The second is the design of consensus mechanisms (such as blocks) and how to make the network stronger (such as the time…
-
Panic and Greed Index: Understanding the Market Sentiments
According to reports, the panic and greed index today was 53 (yesterday it was 56), indicating a decrease in the level of greed and remaining greedy. Note: The panic index threshol
-
South Korean prosecutors claim that their extradition request for Do Kwon was earlier than the United States, which is inconsistent with the Montenegrin authorities
On March 30, a source from the South Seoul District Attorney\’s Office in South Korea refuted the claim made by the Ministry of Justice of Montenegro that \”the United States\’ extrad
-
Iron Fish postpones main network launch due to bug, offers extended KYC deadline
According to the official blog on March 14, the privacy network Iron Fish was originally scheduled to launch on the main network on March 14, but now announced that it was postponed to launch on April 20, because a bug needs to be fixed was found, and users will have more time to complete KYC. From today, the redemption portal will be open to all participants. The new KYC deadline is April 14. All eligible users of the test network will be airdropped on April 21. The launch of the private network Iron Fish main network was postponed to April 20 Analysis based on this information:Iron Fish, a privacy network designed to enhance security and anonymity for users, was expected to launch on the main network on March 14th but has now postponed this launch due to a bug that needs to be fixed. The official blog for Iron Fish made the announcement on March 14th, explaining that the extra…
-
On April 26th, AlienFi Cancels Xirtam Project’s IAO Activity
On April 26th, Arbitrum Ecological DEX AlienFi posted on social media stating that its IAO activity for the Xirtam project, originally scheduled to start on April 26th, has been ca
-
The Importance of Establishing Clear and Adjustable Regulatory Thresholds
According to reports, Patrick Hansen, the EU policy leader of Circle, tweeted that a clear regulatory principle should be a standard and non negotiable approach, but unfortunately
-
CertiK Announces $1.8 Million Community Compensation Plan for Merlin DEX Users
According to reports, Certik posted that after the malicious developer of Merlin DEX implemented Rug Pull, they are working closely with affected parties to compensate for the $1.8
-
Panic and Greed Index maintains a Neutral Rating at 48
It is reported that today\’s panic and greed index is 48 (47 yesterday), and the rating is still neutral.
Today\’s panic and greed index is 48, and the g…
-
What does somnia mean
<img src='https://img.doulai.com/pic/enpic.php?k=sonm What does it mean? Imgalt=sonm What does it mean? Images} What does sonm mean According to official explanations, Sonm is a blockchain used to build decentralized applications. It can be created, run, or maintained by anyone. In the protocol, each user can provide services to them (i.e. manage smart contracts through the protocol) Simply put, you will use a token to pay for network fees: your token will be locked into a smart contract. This means that you can receive rewards, access rights, and support for specific applications and features from the agreement. Therefore, you can allocate these rewards to those who wish to participate and improve efficiency However, for many developers, their projects may still be in the early stages and they need to understand how to add new features or introduce new features in the future. In order to achieve this idea better, we chose a token called ‘practical’. This is because practicality is a good…
-
Chaine Finance Launches ARB Put Options: A Groundbreaking Tool for Arbitrage Gains
On March 21, the decentralized multi chain cross chain trading platform Chaine Finance launched ARB put options, enabling users to lock in the put price in advance and purchase ARB
-
StaFi reduces commission fee for pledge derivative products
It is reported that the liquid pledge derivative agreement StaFi has reduced the commission fee of its pledge derivative products from 19% to 10% to improve th…
-
ReFi Supermodule: A Sustainable Approach to Decentralized Finance
It is reported that Kevin Owocki, co-founder of Gitcoin, launched the ReFi incubator Supermodule. Supermodule aims to become a risk studio for renewable Web3 p…
-
What wallet does Badger use to mine (Bags coin mining tutorial)
What wallet does the Badger use to mine? Decentralize the wallet. What wallet does the Badger use to mine, and how does it mine on the Bitcoin network? You can choose from the following methods: log in with a wallet, download, and install bitpie. View your financial status through a browser. The most commonly used wallets currently are Metamask and imToken. But if you don’t want to participate in this market, it is recommended to open the MetaMask and imToken official websites. First, you need to connect to your computer or smartphone, and then click on the link to enter the blockchain app store (similar to Google). If your device is not affected, then you can access your wallet Bags Coin Mining TutorialEditor’s Note: This article is from Babbitt Information (ID: bitcoin8btc), authored by Kyle, and published under authorization by Planet Daily BAGS coin is ERC20 token based on Ethereum blockchain. Bags coin is supported by the decentralized autonomous organization…
-
National Australia Bank Completes Cross-border Transaction Using Ethereum
According to reports, National Australia Bank said that it had completed the first inter-bank cross-border transaction through Ethereum using its own stable currency. The transaction is part of the pilot stable currency supported by the Australian National Bank for the Australian dollar. National Bank of Australia intends to issue stable currency with the code of “AUDN”, which will be managed as a liability on its books. The company plans to further support transactions in the Australian dollar, New Zealand dollar, Singapore dollar and US dollar, as well as in the euro, yen and sterling. National Bank of Australia issued stable currency on Ethereum Analysis based on this information:National Australia Bank has made history by completing the first inter-bank cross-border transaction using Ethereum, a decentralized open-source blockchain technology. The transaction was carried out through its own stable currency which is part of the pilot stable currency supported by the Australian National Bank for the Australian dollar. This new transaction process is…
-
Vitalik Buterin Completes First Transaction on Polygon zkEVM
According to reports, according to Stephen Polygon, a development engineer at Polygon Labs, who revealed on social media that Vitalik Buterin, the co founder of Ethereum, has compl