WASHINGTON (Pakistan Point News / Sputnik - 07th December, 2022) Elizabeth Warren, a senator in President Joe Biden's Democratic Party committed to reducing Wall Street's excesses, is working on a bill that would hand utmost regulatory authority of the cryptocurrency market to the Securities and Exchange Commission, news site Semafor reported Tuesday.
The senator's office is looking at a number of crypto-related issues, such as regulations, taxation, climate, and national security, the report said.
It noted that the senator has stepped up her criticism of cryptocurrency and big finance after the collapse of crypto-exchange FTX sent Bitcoin and other digital coins crashing, causing investors billions of Dollars in losses.
Warren could propose ideas that include ensuring broker-dealers and crypto exchanges comply with certain regulatory obligations like providing audited financial statements, and imposing bank-like capital requirements so they are able to withstand financial shocks, the report added.
She could also suggest an expansion in tax reporting requirements for cryptocurrency, beyond rules US lawmakers already enacted last year after changes brought forth by Democrats, according to the report.
Crypto exchange-operator FTX announced on November 11 that it was filing for bankruptcy protection, sending Bitcoin and other notable digital currencies plunging.
FTX was ruined after rival digital Currency exchange operator Binance walked away from a proposed acquisition and left it scrambling to raise about $9.4 billion from investors and rivals, a task it was not up to.
Since FTX's announcement, BlockFi, a lender with exposure to the failed exchange operator, also filed for bankruptcy protection.
In Tuesday's trade, Bitcoin hovered at just under $17,000, down some 63% on the year.
