Sen. Elizabeth Warren of Massachusetts wants the head of SEC Gary Gensler, to answer on proposed crypto exchange restrictions, which might pave the way for more concrete action in Congress. Warren Wants Gensler To Respond To Proposed Crypto Exchange Restrictions In the letter, Warren, who previously criticized the crypto ecosystem, stated that her goal was “to request information regarding the Security and Exchange Commission’s (SEC’s) authority to regulate cryptocurrency exchanges and to determine if Congress needs to act to ensure that the SEC has the proper authority to close existing gaps in regulation that leave investors and consumers vulnerable.” In summary, Warren wants Gensler to respond if the SEC needs greater authority to oversee cryptocurrency exchanges. It’s an interesting line of inquiry, given that Gensler himself informed Congress in May that he wants to collaborate with them on this topic. “I believe that working with Congress, and I believe only Congress can truly solve it,” he stated, “it would be wise to consider… whether to introduce stronger investor protection to crypto exchanges.” And I believe that if that were the case, since right now, exchanges trading in these crypto-assets lack a regulatory framework, either at the SEC or at our own agency, the [CFTC], that would inspire greater trust.” In her letter, Warren questioned Gensler whether he shared her worries about decentralized finance. The CFTC and the SEC have already spoken on the subject. Warren’s letter also focused on decentralized finance, which has been discussed by other government authorities. Bank of America Expands Its Crypto Research Capabilities by Creating Its Own Research Team According to a recent rumor, Bank of America has formed a dedicated Bitcoin research team. Candace Browning, the head of BofA Global Research, identified cryptocurrency as one of the fastest-growing technologies: “We are well-positioned to deliver thought leadership owing to our strong industry research analysis, market-leading global payments platform, and blockchain experience.” The research team will be led by Alkesh Shah, a founding member of the bank’s Data & Innovation Strategy Group. The second-largest U.S. bank began settling stock deals using a blockchain in May. According to CEO Brian Moynihan’s recent congressional testimony, BofA maintains its crypto investment restrictions: “We do not now lend against cryptocurrencies, nor do we bank firms whose core business is Bitcoin or the facilitation of cryptocurrency trade and investing.”
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