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Defeated Crypto Proponents Have New Places To Gather And Dive About Washington Regulators: House Financial Services Committee.
Republicans on the committee opened the door Thursday with a decidedly crooked hearing, based solely on the title. A regime attack on the digital asset ecosystem. “
A first step by Republicans, backed by testimony from crypto industry executives and former Trump administration banking regulators, faces decades of U.S. crackdowns as Congress pushes for a new rulebook for the industry. was to argue that it is necessary to intervene in Rules. This is good news for cryptocurrency companies tired of the SEC and federal banking agencies.
The rally was an attempt to overcome the effects of the FTX collapsehas disrupted the crypto debate in Washington by revealing incontrovertible mismanagement across the industry. Made the bill harder to sell.
House Republicans Now Use Meltdown As Reason To Push Comprehensive Digital Assets Law — Beyond the small bills that the Commission has so far focused on.
manager French HillHe chairs the Digital Assets Subcommittee, which held public hearings. We want to create a functional framework that is tailored to your risk.
But his question pointed the way forward for the Republican Party. He has fueled criticism from the crypto industry over how the SEC and federal banking regulators are approaching the field, questioning the SEC’s “please register” pitch, and aligning it with cryptocurrencies. It has built a record of potential regulatory regimes.
“We all recognize that we may still have significant financial challenges and criminal problems, both within and outside the regulatory framework.” I guess.”
Crypto execs love open-minded approach while beaten elsewhere in Washington (Thursday morning, a senior Fed official compared cryptocurrency investments to tulipmania).
“We are confident in any standard. [House Financial Services Chair Patrick McHenry] We may suggest that it reflects not only the realities of the market, but the need to protect consumers and keep investors safe,” said Coinbase’s chief legal officer. Paul Grewaltold MM, who testified on Thursday. “His thoughts, care, and concern are what I believe in.”
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February jobs data will be released at 8:30am…Treasury Secretary Janet Yellen will testify before the House Ways and Means Service at 9am…House Financial Services will hold a flood insurance hearing at 9am …
POLITICO INTERVIEW: SAN FRANCISCO FED CHAIRMAN MARY DALY — Daly spoke to Victoria Guida about how the Fed’s next rate decision will depend on today’s job numbers and next week’s CPI data.
Employment rates and consumer price index growth mean that “it probably needs to go up, and it needs to stay there longer.”
labor disputes within the Fed — Victoria also reports that New York Fed cafeteria workers voted to approve a strike over wages.
Visa and Mastercard withdraw plans to track gun purchases — Bloomberg reports that two payment giants, along with Discover and American Express, are suspending efforts to track firearm sales after Republican state officials introduced legislation limiting the effort. .
FTC Fights over ICE and Black Knight Contracts — On Thursday, the FTC filed a lawsuit to block the Intercontinental Exchange’s $13 billion acquisition of mortgage data firm Black Knight. The agency said the acquisition would reduce competition in a key part of the mortgage process and raise costs for lenders and homebuyers.
Biden targets wealthy big companies — President Joe Biden’s $6.8 trillion budget proposes higher taxes on wealthy Americans and businesses and a $3 trillion reduction in the deficit.
Reporters from POLITICO’s extensive policy team have analyzed how Biden’s budget reads as a potential 2024 campaign platform, covering everything from China to housing policy.
House Republicans Tackle Flood Insurance Gap — A House Financial Services hearing this morning kicks off the committee’s work on reauthorizing the National Flood Insurance Program, which has been on a short extension since 2017 without much change. is reviving a move to help private insurers that want to offer flood insurance to compete with dominant government options.
“We hope to provide some degree of certainty to the market. Warren Davidsontold Eleanor Mueller, chair of the hearings for the Housing and Insurance Subcommittee. “Hopefully we can reach consensus soon on how to make the current system a little better and more competitive for the private sector market as well,” she said.
one of the witnesses at the hearing, Julian Enoisi Together with reinsurance broker Guy Carpenter, we promote a new pilot program in New York that uses parametric insurance policies to cover benefits for flood-affected homeowners. Parametric contracts are becoming increasingly popular in the insurance world, offering faster, pre-set payouts tied to specific triggering events.
Banks triumph over bond concerns — The FT said investors erased $52.4 billion from the market value of JPMorgan Chase, Bank of America, Citigroup and Wells Fargo on Thursday amid investor unease over the value of lenders’ bond portfolios. reported that. The problem appears to have been caused by tech-focused Silicon Valley Bank, which revealed Wednesday that it lost about $1.8 billion after selling securities in response to falling customer deposits.
“The steep losses on the sale of SVB securities have turned investor attention to potential risks lurking in the huge bond portfolios held by other US banks. had invested deposit inflows in long-term securities amid the coronavirus pandemic, according to the FT.
Venture capital firms, including Peter Thiel’s Founders Fund, have advised their portfolio companies to withdraw money from Silicon Valley banks, Bloomberg reports.
New York AG says Ether is security — New York Attorney General Tisch James has claimed that a popular cryptocurrency token is an investment security in a new lawsuit against the KuCoin exchange. She said Ether has the characteristics of a commodity.
Treasury encourages trading firms to ship Russian oil — FT: “U.S. to calm some of the world’s biggest commodity traders about shipping capped Russian oil to stabilize supplies and restore scrutiny of Moscow’s exports. I have informally urged you to do so.”
Goldman banker convicted in corruption case — Reuters: “Former Goldman Sachs banker Rogers, convicted of helping loot billions from Malaysia’s 1MDB sovereign wealth fund, was sentenced to 10 years in prison on Thursday. .”