Elizabeth Warren called Silvergate’s failure “disappointing, but predictable,” while Sherrod Brown urged to “establish strong safeguards for our financial system from the risks of crypto.”
. Senator Elizabeth Warren called Silvergate’s failure “disappointing, but predictable,” calling for regulators to “step up against crypto risk.” Senator Sherrod Brown shared his concern that banks involved with crypto were putting the financial system at risk and reaffirmed his desire to “establish strong safeguards for our financial system from the risks of crypto.”
The most important commentary, however, came on Sunday when United States Treasury Secretary Janet Yellen revealed that authorities were of Silicon Valley Bank. According to Yellen, the Federal Deposit Insurance Corporation is considering “a wide range of available options,” including acquisitions from foreign banks.Crypto miners in the U.S. could be subject to a 30% tax on electricity costs under a budget proposal by U.S. President Joe Biden to “reduce mining activity.
In a recent hearing, senators questioned Behnam about the differing views held by the CFTC and the Securities and Exchange Commission following the CFTC’s 2021 settlement with stablecoin issuer Tether. Behnam said, “It was clear to our enforcement team and the commission that Tether, a stablecoin, was a commodity.
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