Crypto regulation: What government officials, lawmakers are proposing
Yahoo Finance’s Jennifer Schonberger joins the Live show to discuss crypto regulation and what government officials are proposing in the wake of FTX’s failure.
US lawmakers and government officials are proposing a series of new rules and regulations to regulate the cryptocurrency industry. The increased scrutiny follows a series of high-profile cryptocurrency failures that have burned investors.
The Senate Banking Committee held the first hearing on the crypto crash and discussed why safeguards are needed for digital assets.
The hearing also focused on what defines a security in the cryptocurrency industry and how companies can be held accountable for violating securities laws.
SEC Chair Gary Gensler has warned that enforcement actions will be taken against crypto exchanges and lending platforms that fail to comply with regulations.
In addition, Europe is set to adopt sweeping crypto regulations this spring, and the UK is considering introducing a central bank digital currency. While the new rules promise to protect investors, they also aim to allow the cryptocurrency market to innovate and flourish.
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