Call for Unity in Crypto Regulation
In a bold statement, Representative Maxine Waters, the ranking member of the House Financial Services Committee, has called for collaboration across various government entities to streamline crypto regulation. Speaking with Cointelegraph, she stressed the importance of unity, especially in light of recent enforcement actions by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Waters believes these actions may be more about creating an appearance of taking substantive steps post-FTX collapse than genuine regulatory efficacy.
Seizing Accountability Post-Collapse
Waters hinted at the silver lining of the market downturn and major bankruptcies, viewing them as a chance to instigate much-needed accountability within the crypto sphere. “To the CFTC and SEC: I am not going to dive into any disagreements between you two, but it’s high time for you both to put your heads together and tackle the crypto beast,” she stated emphatically. Waters is clearly ready to roll up her sleeves.
Legislative Optimism for Stablecoins
During her previous tenure as chair of the committee, the congresswoman was an advocate for stablecoin regulations and is hopeful that legislation could come to fruition under the current leadership of Patrick McHenry. “I remain optimistic that we can navigate this legislation successfully,” she assured, emphasizing that clear regulations are essential for guidance in an increasingly complex financial landscape.
A Global Perspective on Crypto
Waters made an important observation regarding the evolving world of cryptocurrency. “The global landscape is moving towards crypto solutions at an astonishing pace; we must adapt and consider innovations across borders,” she noted. Her call to action is clear: accounting for international developments is critical in formulating U.S. policies.
Looking Ahead: Investigations in the Air
Despite no scheduled hearings following the FTX collapse, Waters expressed confidence that the need for further investigations into crypto regulations would prompt congressional discussions. “I have a myriad of questions for Mr. Bankman-Fried,” she stated, highlighting operational relationships and potential illegalities during his leadership at FTX. A comprehensive exploration of these issues seems inevitable, although the clock ticks on a timeline that remains undetermined.
Public Perception and Financial Integrity
Although Waters has faced scrutiny over a perceived cozy relationship with Sam Bankman-Fried in previous hearings, denying any campaign donations from FTX, she’s determined to retain the integrity of her role in this investigation. “I haven’t received a single dime from FTX; my relationship with them is none,” Waters defended, underscoring her commitment to transparency and accountability.
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