California Representative Maxine Waters, ranking member of the United States House Financial Services Committee, has actually required coordination and cooperation in between federal government firms and legislators to address crypto guideline.
Speaking to Cointelegraph, Representative Waters recommended that current enforcement actions on the crypto area from the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) might have been to provide the image of “doing something substantive and meaningful” following the collapse of significant exchanges consisting of FTX. According to Waters, the marketplace crash and associated insolvencies of significant companies provided U.S. legislators a chance of “getting accountability” in the crypto area.
“To the CFTC and to the SEC: I am not going to get in between any disagreement, any dislike, any of the approaches — the two of you had better come together so that we can deal with crypto,” stated Waters. “I think it’s time for the Treasury, the Feds, the CFTC, the SEC, all of us better get together on crypto.”
When Waters chaired the House Financial Services Committee, she supported an expense to manage stablecoins in cooperation with the Treasury Department, informing Cointelegraph she was “still optimistic” such legislation might pass under chair Patrick McHenry. She included that bringing regulative clearness to the area — relatively in an effort to bring extra assistance on enforcement actions — was among her legal concerns in the brand-new Congress.
“The world is moving on crypto: different countries, different things we still have to think about,” stated Waters. “I do believe that […] it has to be a priority of ours.”
The Congresswoman was among the legislators who called on previous FTX ceo Sam Bankman-Fried to affirm in a December 2022 hearing of the House Financial Services Committee. Authorities apprehended Bankman-Fried in the Bahamas prior to he might appear from another location prior to Congress.
At the time of publication, the committee had actually not revealed another hearing into the collapse of FTX or associated occasions in the crypto area. However, Representative Waters stated she was “confident” there would be more than one hearing checking out crypto guideline as part of the existing congressional session.
“I have a lot of questions that I and members of my committee would want to ask [Bankman-Fried],” stated Waters. “I want to go over the relationship between FTX and Alameda and exactly how much money they funneled into Alameda and what kind of investments were made and what was his relationship to those investments […] did he know and understand that he was committing fraud?”
Related: FTX hearing: US legislators slam usage of Quickbooks, scary dough and ‘conscientious stupidity’
Many in the crypto area have actually slammed Waters for politically ‘cosying up’ to Bankman-Fried in a December 2021 hearing, later on posing with the then FTX CEO in a now viral picture. The Congresswoman rejected reports she accepted project contributions from FTX, stating she had “not received one dime, not one penny” and had no relationship on contributions from the exchange.
