Leaders.com
  • Login
  • Subscribe
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
  • Login
  • Subscribe
Cryptocurrency

(Photo by Umit Turhan Coskun/NurPhoto via Getty Images)

By Savannah Young Leaders Staff

Savannah Young

Savannah Young

News Writer

Savannah Young is a news writer for Leaders Media. Previously, she was a digital reporter for WATE Channel 6 (ABC)...

Full bio


Learn about our editorial policy

Aug 3, 2022

The Senate Aims to Rein in Crypto

Cryptocurrencies have taken off with little regulation—until now. 

A U.S. Senate committee has proposed legislation that would assign oversight of the two largest cryptocurrencies, Bitcoin and Ethereum, to the federal agency that regulates milk futures and interest-rate swaps.

The committee is planning to introduce a bill that will authorize the Commodity Futures Trading Commission (CFTC) to control spot markets for digital commodities, a new asset. Right now the CFTC has authority to regulate derivatives, such as futures and swaps, rather than underlying commodities.

Crypto regulation has been a conversation amongst federal agencies for years. It has been 13 years since the creation of Bitcoin, the first cryptocurrency, and it remains largely unregulated by the federal government, leaving investors without key protections from fraud and market manipulation, says The Wall Street Journal’s Paul Kiernan.

Many crypto advocates oppose the federal government taking on a regulatory role. They say regulation will stifle growth and prevent cryptos from becoming the dramatic, decentralized asset class that many hope they can become.

Cryptocurrencies had a rough few months this year before taking off, heating up the competition of cryptocurrency jurisdiction. Policymakers believe there is a need for guardrails in crypto. The competition also reflects the industry’s ramped-up lobbying presence in Washington and its push to reach more mainstream investors through Super Bowl ads and other high-profile marketing initiatives, according to The Wall Street Journal.

“When there’s a topic as hot as crypto, everybody wants a seat at the table,” says the Brookings Institution’s Aaron Klein, who focuses on financial regulation. “The question is, are we going to have regulatory turf paralysis?”

There have been multiple proposals to make regulation rules for cryptocurrencies in recent months. In June, Sen. Cynthia Lummis and Sen. Kirsten Gillibrand made a proposal that would create exemptions for cryptocurrencies in securities laws, banking statutes, and tax code. In July, leaders of the House Financial Services Committee said they were working on a bill to grant the Federal Reserve a greater role in regulating some stablecoins, crypto tokens pegged against the dollar and other official currencies.

“Four years ago when I started this job, there were some people that just thought this thing was all going to blow up and go away, that this was sort of a passing fad,” says Blockchain Association executive director Kristin Smith. “Now, we’ve got all these regulators suddenly vying for control.”

The legislation would seek to leave securities out from the definition of digital commodities, making it narrower in scope than that of other recent crypto-related bills. 

Home / News / The Senate Aims to Rein in Crypto
Share
FacebookTweetEmailLinkedIn

Related Stories

SVB Bankruptcy Stalls Startups

by Tyler Hummel Leaders Staff
Investing

4 hours ago

SVB

While SVB depositors have been promised a bailout from the Federal Reserve, the negative impact of the collapse continues to have ramifications for the market—particularly on startups. 

Key Details

  • With the planned sale of the bankrupt Silicon Valley Bank (SVB) to First Citizens BancShares, the financial world is still picking up the pieces from three weeks of chaos. 
  • The failure of one of the leading startup banks in Silicon Valley has cooled investor enthusiasm for the rest of the market, with thousands of investors pulling out of new projects.
  • 59% of venture capitalists say SVB is making fundraising more difficult, and 22% say they may not be able to raise any additional funding in 2023, The New York Times reports.

Go deeper

FacebookTweetEmailLinkedIn

Paying By the Month Is a New Trend

by Hannah Bryan Leaders Staff
Marketing and Sales

18 hours ago

subscription economy

Subscriptions are a growing part of the global economy, affecting everything from newspapers to razors to the heated seats in a vehicle. 

Key Details

  • By 2026, the global subscription e-commerce market is expected to reach $905 billion. In 2021 it was around $72.91 billion, Forbes reports. 
  • While consumers have long been used to paying subscriptions for magazines and newspapers, retail brands are now expanding—trying to use the subscription model to bring in extra revenue.
  • Subscription services work well for recurring purchases. Customers who partake in these services do not even have to remember to add items to their grocery lists. They just appear on their doorstep. 
  • After Amazon successfully introduced its subscription boxes, other businesses like BarkBox, Birchbox, and FabFitFun launched their subscription services, unleashing a flood of retailers from every sector trying to get in on the subscription model. 

Go deeper

FacebookTweetEmailLinkedIn

Australian EV Sales Finally Hit the Gas 

by Tyler Hummel Leaders Staff
Environment

18 hours ago

Sydney

Australia is seeing record Tesla sales as supply chains clear and tax incentives become more common. 

Key Details

  • Electric vehicles (EVs) are seeing record sales in the U.S., with 7.1% of all car sales in January being electric.
  • Those records are beginning to reflect in Australian sales as well. Supply-chain stress previously increased the wait times for new Tesla Model 3s in Australia to nine months, but recent improvements have dropped the time down to a week. 
  • Second-hand Tesla sales have also improved, with used prices on one-year-old models decreasing below $100,000, Bloomberg reports.

Go deeper

FacebookTweetEmailLinkedIn
The global semiconductor chip shortage has flooded into the banking sector, causing delays for new credit and debit cards
Business

19 hours ago

One Thing Delaying Credit-Card Shipments

by Savannah Young Leaders Staff
Vehicles sit for sale a used car lot on January 31, 2023 in Los Angeles, California
Business

19 hours ago

Used Car Prices Not Looking To Slow Down

by Savannah Young Leaders Staff
Investing

20 hours ago

Investors Seek Safer Options 

by Tyler Hummel Leaders Staff

Recent Articles

Productivity

Mar 27, 2023

84% of Workers Are Easily Distracted—Here Are 10 Tricks to Stay Focused

Learn to improve mental performance when you can’t stay focused.

Leadership

Mar 22, 2023

Creating Loyal Employees Is About More Than Just the Paycheck

If you think simply paying your employees more will gain their loyalty, think again.

Business

Mar 20, 2023

Worried About ADHD At Work? Here’s How It Might Actually Help You

Neurodivergent people often have a high level of creativity and innovative thinking.

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2023 Leaders.com - All rights reserved.

Search Leaders.com