White House Reps Pen Letter Calling for Stricter Crypto Laws
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White House officials Brian Deese, Arati Prabhakar, Cecilia Rouse, and Jake Sullivan have penned a letter calling on Congress to instill stricter crypto trading laws to ensure that something like the FTX debacle never occurs again. A Letter to Those in Charge The letter states: Congress could also make our jobs harder and worsen risks to investors and to the financial system. Legislation should not greenlight mainstream institutions, like pension funds, to dive headlong into cryptocurrency markets. In the past year, traditional financial institutions’ limited exposure to cryptocurrencies has prevented turmoil in cryptocurrencies from infecting the broader financial system. It
Coinbase is again nudging US regulators to allow the traditional banking sector to interact with the crypto industry. The exchange sent a correspondence to three top US bank watchdogs, seeking their endorsement to foster partnerships between financial institutions and crypto companies. As Bloomberg reported, the letter urged the regulators to…