Senator Elizabeth Warren is working on a sweeping cryptocurrency bill that would give most cryptocurrency regulatory authority to the Securities and Exchange Commission, according to sources close to her. “As Senator Warren has already said publicly, she’s working on crypto legislation and believes that financial regulators, including the SEC, have broad existing authority to crack down on crypto fraud and illegal money laundering,” Alex Sarabia, a Warren spokesperson, said in a statement to Semafor. Warren’s office is investigating crypto-related issues, including taxation, regulation, climate, and national security, according to details by Semafor, which “could change.” Following the collapse of the crypto exchange FTX, the senator demanded new regulations to govern the crypto space. Worth noting that cryptocurrencies are difficult to regulate in the US due to a lack of federal regulatory authority. Bitcoin is regulated as a commodity, by the Commodity Futures Trading Commission (CFTC), in the exchange-traded fund category by the Securities and Exchange Commission (SEC), and in the property category by the Internal Revenue Service (IRS),
Full report : Elizabeth Warren led cryptocurrency bill in works, may give SEC most regulatory authority.
