BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Rep. Cynthia Lummis: We are Cracking Down on Fraud, not Digital Assets

by Darius Ngetich
Dec 15, 2022 - 12:00 am
in Blockchain
Rep. Cynthia Lummis: We are Cracking Down on Fraud

At a Senate banking committee hearing on Wednesday, the issue of whether more regulation would have been effective in preventing the dramatic collapse of the cryptocurrency exchange FTX was hotly contested. However, new legislation may be coming soon. Like several other Republicans on the banking committee, Lummis believes that cryptocurrencies in general should not be targeted because of the alleged financial misdeeds of former FTX CEO Sam Bankman-Fried.

Let’s keep digital assets distinct from bad actors, she remarked. “FTX is a classic case of fraud.”

Warren’s remarks on the development 

Sen. Elizabeth Warren introduced bipartisan legislation to stop the use of cryptocurrency for money laundering at the hearing. Republican Senator Roger Marshall of Kansas is a co-sponsor of the bill that would make cryptocurrency exchanges verify customers’ identities in the same way that banks and other financial organizations do.

According to Massachusetts Democrat Elizabeth Warren, crypto doesn’t get a pass to help the world’s worst criminals – no matter how many tv commercials they run or how many political donations they make. According to her, Crypto has become the tool of choice for terrorists, ransom gangs, drug dealers, and for rogue nations that want to launder money. 

The Responsible Financial Innovation Act, authored by Democratic Sen. Kirsten Gillibrand of New York and Republican Sen. Cynthia Lummis of Wyoming, will be reintroduced in 2019. The legislation would oblige cryptocurrency issuers to make disclosures and safeguard consumers.

However, the hearing’s four witnesses—two supporters and two opponents of cryptocurrency—were questioned by Democratic Sen. Sherrod Brown, chairman of the Senate Committee on Banking, Housing, and Urban Affairs, on whether fraud was widespread at other businesses in the sector. One of the few areas of agreement during the whole hearing, they all agreed that it was as they all stated.

O’Leary still backs Sam Bankman

Professor of law Hilary J. Allen of the American University Washington College of Law said in court that the current atmosphere in which cryptocurrencies function is very favourable to fraud.

Sam Bankman-Fried, who is expected to serve jail time, may have committed classic embezzlement, but since it used crypto, which is cloaked in mystery, intricacy, and opacity, it was able to occur on such a large scale and go unnoticed for so long.

Entrepreneur Kevin O’Leary disagreed with the description, even though the $15 million he received as a paid spokesperson for FTX is now basically worthless. O’Leary is well known for his role as Mr Wonderful on the television program “Shark Tank.”  

 

Tags: FTXSBF
Darius Ngetich

Darius Ngetich

Darius Ngetich is a blockchain, crypto, and gaming enthusiast. He is also an animator, VFX Artist, and Game Developer, specializing in computers with vast experience in programs like Blender, Unity, and Unreal Engine. My passions are creating games and informing others about the latest developments in crypto, blockchain, and gaming.

Related Posts

Exterior of the Czech National Bank building representing its new investment strategy including crypto assets

Czech Central Bank Enters Crypto with Coinbase Stake, Expands Palantir Holdings

July 13, 2025

Czech National Bank adds Coinbase to US portfolio, signaling crypto interest, while expanding Palantir stake amid AI investment...

Changpeng Zhao, Binance co-founder, reacts to Bloomberg’s Trump stablecoin claims

Binance’s CZ Threatens to Sue Bloomberg Over Trump Stablecoin Report

July 12, 2025

CZ denies ties to Trump-backed stablecoin USD1, slams Bloomberg report as defamatory, and warns of legal action over...

Donald Trump in front of WLFI crypto charts showing rising token value

Trump’s Crypto Wallet Rises as WLFI Eyes Open Trading and Market Liquidity

July 12, 2025

Trump’s crypto wallet rose 2.5% as WLFI proposed open trading, a move that could unlock billions linked to...

Malta Financial Services Authority building representing crypto regulation leadership

Malta Regulator Assures MiCA Licenses Safe After EU Peer Review

July 11, 2025

Malta’s MFSA says no MiCA licenses are at risk after an EU review, reinforcing the country’s strong stance...

Press Releases

png 115

BTC Miner: Earn $100-$100,000 Daily – The Fastest Growing Crypto Mining Platform of 2025!

June 25, 2025

BTC Miner, the fastest growing platform in 2025, opens a new era of inclusive cryptocurrency mining, allowing everyone to participate...

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise