<\/p>\n
Senator Sherrod Brown, D-OH, is concerned about the \u201ctroubling lack of customer-facing\u201d disclosures in crypto.\u00a0<\/p>\n
The legislator wrote a letter addressed to Treasury Secretary Janet Yellen, Securities and Exchange Commission Chair Gary Gensler, and Commodity Futures Trading Commission Chair Rostin Behnam.\u00a0<\/p>\n
\u201cI urge you to use existing tools to strengthen transparency and hold bad actors accountable,\u201d he wrote<\/a>.<\/p>\n Brown hopes that, by addressing the Treasury, CFTC and SEC, the US can \u201cbuild on our existing disclosure guardrails to effectively target the deficiencies we have observed in digital asset tokens and digital asset platforms.\u201d He\u2019s also requested that the agencies work hand-in-hand with Congress as legislators push crypto-focused legislation forward.<\/p>\n \u201cSome of my colleagues in Congress have proposed merely applying limited disclosure requirements to digital asset tokens. This would be a profound mistake. We cannot water down the high standards that have protected investors and supported businesses for decades,\u201d Brown said.<\/p>\n Brown specifically pushes for \u201cconsistent, comprehensive, and accurate disclosures in crypto markets.\u201d<\/p>\n He cites the failures of FTX and Celsius as specific failures, saying that despite the two collapses, \u201ccrypto firms have taken no meaningful steps to improve their transparency, leaving customers vulnerable.\u201d<\/p>\n The letter from Brown comes as Congress heads back to Washington<\/a> to vote on multiple crypto bills. One such bill, the Financial Innovation and Technology for the 21st Century Act<\/a>, has bipartisan support and seeks to establish joint rulemaking powers between the CFTC and the SEC.\u00a0<\/p>\n As Blockworks previously reported, it would also clarify how digital assets are classified, specifically stating that an investment contract does not necessarily make a token a security, with the bill\u2019s co-sponsors publishing a fact sheet that pushes for most tokens to be classified as tokens rather than securities.<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Senator Sherrod Brown, D-OH, is concerned about the \u201ctroubling lack of customer-facing\u201d disclosures in crypto.\u00a0 The legislator wrote a letter addressed to Treasury Secretary Janet Yellen, Securities and Exchange Commission Chair Gary Gensler, and Commodity Futures Trading Commission Chair Rostin Behnam.\u00a0 \u201cI urge you to use existing tools to strengthen transparency and hold bad actors […]<\/p>\n","protected":false},"author":2,"featured_media":156301,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-156300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/156300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=156300"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/156300\/revisions"}],"predecessor-version":[{"id":156306,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/156300\/revisions\/156306"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/156301"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=156300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=156300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=156300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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