Key takes
The U.S. Senate is investigating claims for obstruction for specific banks and industries. The banking industry calls for more clear standards and simplification of money laundering prevention regulations.
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The U.S. Senate Banking Committee will hold a hearing at 10:00 am (ET at 10:00 am) and investigate the “take off” claims. Here, companies and individuals are refused financial services due to risks and prejudice. The hearing of the Republican Senator Tim Scott will investigate various sector claims, including the encryption industry.
Hearing features testimonies from experts and business owners who claim to be unfair to banking service, including Nathan McCaurey, a Crypto Bank of Anchorage Digital, which was chartered by the federal government.
Despite being a highly regulated encryption bank, Maca Leave has argued that regulatory pressure on banks has unreasonably rejected access to essential bank services. He believes that the tendency of the covers has been harmful to the encryption industry and is stuffy in innovation, and calls on Congress and regulatory authorities.
“I am encouraged by this committee’s efforts to investigate and end the practice of taking off, including the special precautions for the breaking out of encryption companies. To hold such a hearing. In addition, I will encourage Congress to consider the same law as those passed at the state level to ensure fair access to financial services, “Macquelory said.
The banking industry claims that their decision is based on complicated regulations, not political motives. They quoting the unclear rules for a specific business obstacle, especially on money laundering Anti -manerording (AML) and “Knowing customers” (KYC) requirements.
Senator Tim Scott, the chairman of the Republican Republican Party, has expressed his desire to take these concerns and to be accountable to financial institutions.
“This public hearing is the beginning of the work of the committee to end this practice, which is useful as an opportunity to listen directly from witnesses related to their experience. Spokesman, Senator Scott, states: I am.
Senator Scott said in a statement in January that it focuses on legislative agenda on the formation of Crypto’s regulatory framework, including digital assets such as StableCoins.
His plan is to promote financial innovation and strengthen consumer selection, education, and protection. He also criticized the lack of SEC’s clarity under Gensler, and argued that it hinder the growth of the US cryptographic industry.
Paul Grewal, coinbase’s highest legal officer, and Fred Thiel, the CEO of Marathon Digital Holdings, will testify at the meeting of tomorrow’s parliament.
This hearing, organized by a small committee on monitoring and investigation by the House of Representatives Financial Service Committee, focuses on the “CHOKEPOINT 2.0 Operation”. It claims that regulatory measures under the Biden administration systematically restrict the bank access of cipher companies.
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