Postdating the billion-dollar corporation FTX’s demise, US Billionaire Crypto-Brothers have been charged by Congressman Brad Sherman with postponing urgently required crypto prescription laws. He is the chair of the committee on capital markets and stakeholder security and is a Democrat from California.
The demand for cryptocurrency standards was reiterated by lawmakers in a statement dated November 13. He said that this abrupt bankruptcy of one of the biggest crypto companies serves as a potent reminder of the dangers associated with digital assets, as well as the industry’s serious flaws.
The main reasons for the new laws
Since the collapse of FTX, the action has led US watchdogs to carry out in-depth investigations into the alleged misappropriation of FTX US and Alameda Research funds. There was a chance to do so. U. S. B. Sherman, a representative of the congresses, endorsed the SEC and CFTC crackdown.
He said that the sequence of circumstances and direction mistakes that contributed to this descent of FTX must be understood clearly. He also mentioned his prior point on the risks associated with cryptocurrencies and his wish for crypto-related regulation to turn real.
He stated that for many months, he has argued that state governors should act proactively to address the numerous risks that cryptocurrencies pose to our society. He informed G. Grewal, Director of Investor Protection, during his testimony before my Investor Protection Subcommittee.
The biggest crypto trading service did not put down with the Securities and Exchange Commission after the committee listed its tokens on public platforms. It is more crucial than ever so that the Securities and Exchange Commission acts swiftly to put an end to the regulative limbo where the cryptocurrency sector has worked.
Brad Sherman plans to move toward cryptocurrency regulation
Legislators are hopeful that they can cooperate with their congressional counterparts in the coming weeks to achieve comprehensive cryptocurrency regulation in the United States. He stated that he will be working with congressional colleagues over the coming weeks to consider options for federal legislation.
Millions of dollars have been spent on lobbying and donations in an attempt to overwhelm Washington. While Ryan Salame, co-CEO of ft. Digital Markets in the Bahamas, will donate more than $23 million to the Republican Party, former FTX CEO Sam Bankman-Fried’s governmental contributions to the Democratic Party have attracted considerable attention (most of them have failed).