California Consultant Maxine Waters, rating member of the US Home Monetary Providers Committee, has referred to as for coordination and cooperation between authorities companies and lawmakers to deal with crypto regulation.
Chatting with Cointelegraph, Consultant Waters instructed that latest enforcement actions on the crypto house from the U.S. Securities and Trade Fee (SEC) and Commodity Futures Buying and selling Fee (CFTC) might have been to current the picture of “doing one thing substantive and significant” following the collapse of main exchanges together with FTX. In line with Waters, the market crash and associated bankruptcies of main corporations gave U.S. lawmakers a chance of “getting accountability” within the crypto house.
“To the CFTC and to the SEC: I’m not going to get in between any disagreement, any dislike, any of the approaches — the 2 of you had higher come collectively in order that we are able to take care of crypto,” mentioned Waters. “I feel it’s time for the Treasury, the Feds, the CFTC, the SEC, all of us higher get collectively on crypto.”
When Waters chaired the Home Monetary Providers Committee, she supported a invoice to control stablecoins in cooperation with the Treasury Division, telling Cointelegraph she was “nonetheless optimistic” such laws might move below chair Patrick McHenry. She added that bringing regulatory readability to the house — seemingly in an effort to convey extra steerage on enforcement actions — was certainly one of her legislative priorities within the new Congress.
“The world is transferring on crypto: completely different nations, various things we nonetheless have to consider,” mentioned Waters. “I do consider that […] it needs to be a precedence of ours.”
The Congresswoman was one of many lawmakers who referred to as on former FTX chief government officer Sam Bankman-Fried to testify in a December 2022 listening to of the Home Monetary Providers Committee. Authorities detained Bankman-Fried within the Bahamas earlier than he might seem remotely earlier than Congress.
On the time of publication, the committee had not introduced one other listening to into the collapse of FTX or associated occasions within the crypto house. Nonetheless, Consultant Waters mentioned she was “assured” there could be multiple listening to exploring crypto regulation as half of the present congressional session.
“I’ve lots of questions that I and members of my committee would wish to ask [Bankman-Fried],” mentioned Waters. “I wish to go over the connection between FTX and Alameda and precisely how a lot cash they funneled into Alameda and how much investments had been made and what was his relationship to these investments […] did he know and perceive that he was committing fraud?”
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Many within the crypto house have criticized Waters for politically ‘cosying up’ to Bankman-Fried in a December 2021 listening to, later posing with the then FTX CEO in a now viral photograph. The Congresswoman denied rumors she accepted marketing campaign donations from FTX, saying she had “not acquired one dime, not one penny” and had no relationship on contributions from the change.