Tag: regulation

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Former SEC Chair Expounds on State of US Government Regulation in Crypto

Empire podcast with Jay Clayton

What exactly is current SEC Chair Gary Gensler dealing with in terms of crypto regulation today?

This may be “it” as outlined by former SEC Chair Jay Clayton on Blocksworks revelatory April 4 “Empire” podcast.

Subscribe to the podcast here: Apple | Spotify.

Sure, Gensler is appointed by a Democratic president while Clayton’s appointment occurred during the Trump Republican administration. But, one senses that the game remains the same across political parties. Clayton shares towards the end of the episode, “I’m very empathetic to whatever Gary has to do. Because if the million American households are invested in the markets, it’s your job to do the best you can for them. But you’re not going to make everybody happy. That’s that’s just life…” Overall, Clayton is unequivocal that the crypto industry in the financial and regulatory world has come a long way in a short time.

Blockworks Jason Yanowitz and Santiago Roel Santos ask many important questions on crypto and smartly zoom out for a wider look at the financial landscape including the Great Financial Crisis in the 45-minute discussion. They also give Clayton a wide berth for his responses and they’re rewarded as Clayton seems to get a few things off his chest.

Highlights include… (lightly edited for clarity) Continue reading “Former SEC Chair Expounds on State of US Government Regulation in Crypto”

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New Stablecoin Transparency Act Supports Innovation and Protections Say Lawmakers

D.C. blockchain policy discussion around stablecoins is heating up. Last week, two Republican legislators sought transparency, and investor and innovation protections in one fell swoop.

Senator Bill Hagerty (R., Tennessee) introduced a new bill called the Stablecoin Transparency Act (S.3970) in the U.S. Senate. According to the legislation, the intention is to “establish reporting requirements for issuers of fiat currency-backed stablecoins, and for other purposes.” Next stop will be the Senate Committee on Banking, Housing, and Urban Affairs.

Simultaneously in the U.S. House of Representatives, Congressman Trey Hollingsworth (R., IN) introduced “H.R.7328 – To establish reporting requirements for issuers of fiat currency-backed stablecoins, and for other purposes.” The bill has been referred to the House Financial Services for review.

In a release from Sen. Hagerty’s office and in concert with Rep. Hollingsworth, though transparency through regulation is clearly one purpose of the bill, a pro-crypto tone poked through, “This legislation aims to provide much-needed clarity without giving the keys away to unaccountable bureaucrats who threaten to choke off innovation.”

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Senators Lummis and Gillibrand Unveil New Digital Assets Legislation Partnership

Senator Kirsten Gillebrand (D., NY) and Senator Cynthia Lummis (R., WY)

Last Thursday, a live event burst into D.C.’s emerging post-covid reality as Politico produced,  “Regulating the Digital Gold Rush” sponsored by Grayscale at the Hotel Washington.

The one-hour event in front of 150-200 attendees did not disappoint and was highlighted by a new congressional crypto partnership between Senator Cynthia Lummis (R., Wyoming) and Senator Kirsten Gillebrand (D., New York). The senators presented hints on their coming digital assets legislation in a conversation with Politico reporters Sam Sutton and Ben Schreckinger.

Will this be the seminal bill desired by pro-crypto legislators and the blockchain industry? After President Joseph Biden’s crypto Executive Order two weeks ago, momentum is clearly building.

Notably contrasting the partisan rancor typical in the Capital city, the senators appeared synchronized – albeit with the sense that Sen. Gillibrand is still getting up to speed – across a wide-range of far-reaching digital asset talking points. Potential crypto-friendly regulation connected to the complexities of mining, effective use of energy in the crypto world as well as the de minimis $600 tax rule were singled out in addition to maintaining the United States leadership role in innovation.

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