Congress

Maxine Water – chairwoman of the House Financial Services Committee – is doubling down on requests for Sam Bankman-Fried (SBF) to appear on Capitol Hill.  The California representative said it is imperative he testifies before congress on December 13th, despite his hesitation.  On Sunday, SBF responded to Waters’ initial invitation to testify, in the spirit of assisting the now-insolvent FTX’s customers and investors. The former CEO said he would testify once he felt he had a firm understanding of what happened…

The newly-founded “global community of technologists” has sent a letter to US Congress advocating skepticism of the crypto industry. The group – featuring 26 computer scientists and academics – combats the positive spin put forth by cryptocurrency lobbyists thus far. No Real Benefits Thursday’s letter – directed toward House and Senate Leaders alike – argues that crypto assets are not “unreservedly good”. It calls for the creation of a regulatory “safe haven” from so-called “risky, flawed, and unproven digital financial…

With discussions for a US-based CBDC underway, forces are already acting to ensure it doesn’t mimic China’s digital yuan. For example, Tom Emmer – a Republican House member – recently introduced a bill preventing the Fed from issuing a CBDC directly to individuals. Stepping Away From Authoritarianism Emmer announced the bill in a tweet on Wednesday, attached to a thread explaining its purpose. He insisted that a United States CBDC must ensure financial privacy, cultivate innovation, and maintain the dollar’s…