Fun

Switzerland’s Largest Bank UBS Expects US Crypto Legislation to Take Time

News Feed - 2022-02-14 10:02:03

Switzerland"s Largest Bank UBS Expects US Crypto Legislation to Take Time


Switzerland’s largest bank, UBS, expects the United States Congress to take a long time to pass cryptocurrency legislation despite mounting interest in crypto investments and regulators calling for Congress to weigh in on crypto legislation. Congress Could Take a Long Time on Crypto Legislation


The largest bank in Switzerland, UBS, published its view on U.S. crypto legislation Friday after the House of Financial Services Committee held a lengthy hearing on the regulation of cryptocurrencies and stablecoins last week.


The Swiss bank’s U.S. Office of Public Policy explained that at the hearing, a senior Treasury official discussed recommendations made in a stablecoin report issued by the Department of the Treasury and other regulators.


“To fill in regulatory gaps and address financial stability concerns, the regulators would like Congress to develop legislation that regulates stablecoin issuers as banks,” the UBS team detailed, noting that this proposal has received pushback from some lawmakers.


The Federal Reserve also made it clear in its recent central bank digital currency (CBDC) report that it would like direction from Congress before proceeding with a digital dollar.


However, Switzerland’s largest bank believes: It will take time for lawmakers to digest the complexities of these issues and reconcile potentially divergent approaches on how digital assets should be regulated.


The UBS team further detailed: “Regulators could be waiting a long time for Congressional action and in the meantime will need to grapple with these issues using the limited and imperfect authorities they already have.”


Nonetheless, the bank pointed out that interest in crypto assets “is growing in Congress and among the broader public.”


Furthermore, there are reports that the Biden administration may weigh in on cryptocurrency legislation with an executive order in the near future.


In August last year, U.S. Senator Ted Cruz slammed his colleagues in Congress for trying to regulate crypto without an understanding of what it is.


The senator from Texas said: “We shouldn’t regulate something we don’t yet understand. We should actually take the time to try to understand that. We should hold some hearings, we should consider the consequences … We shouldn’t destroy people’s lives and livelihoods from complete ignorance.”


Meanwhile, two federal agencies — the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) — are collaborating to ensure investor protection in the crypto space. Tags in this story Biden Administration, Congress, Congress crypto legislation, Congress cryptocurrency legislation, Crypto regulation, Cryptocurrency regulation, Joe Biden, UBS, UBS crypto registration, UBS cryptocurrency legislation


Do you agree with UBS that Congress will take a long time to pass crypto legislation in the U.S.? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. IMF: Crypto Is No Match for Well-Designed Central Bank Digital Currencies REGULATION | 5 hours ago NH Governor Signs Executive Order to Bring "Regulatory Certainty" to Cryptocurrency Industry REGULATION | 13 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articlePopular Trading App Robinhood’s Global Expansion Will Be ‘Crypto First’ Next articleIMF: Crypto Is No Match for Well-Designed Central Bank Digital Currencies Show comments More Popular NewsIn Case You Missed ItIndia Won"t Legalize or Ban Crypto at This Stage, Finance Minister Confirms


India"s finance minister has revealed the current status of crypto policy in India, including whether crypto will be legalized or banned in the country. The question surrounding the legitimacy of cryptocurrency was raised in parliament after the government announced that ... read more.PUBG Developer Parent Company Krafton to Work On NFT and Metaverse Related Projects Binance Invests $200 Million Into the Business Magazine and Digital Publisher Forbes Global Regulators "Going Full Steam" on Crypto — Official Says "Current Structure Is No Longer Fit for the Purpose" US Inflation Jumps to 7.5%, CPI Climbs at Fastest Rate in 40 Years, Citizens See Little Wage Growth

News Feed

DTCC rules out collateral for Bitcoin-linked ETFs
Amaka Nwaokocha44 minutes agoDTCC rules out collateral for Bitcoin-linked ETFsThis notice means that exchange-traded funds and similar investment instruments with Bitcoin or other cryptocurrencies as underlying assets wi
Ezra Reguerra12 hours agoUniversities are ‘critical players’ for the future of Web3 — LBank Labs execCzhang Lin said it’s important for universities to understand Web3 and guide students toward the right vision.1
Shiraz Jagati10 hours agoHow Google’s AI legal protections can change art and copyright protectionsAmid myriad legal accusations surrounding its AI services, Google stands its ground, vowing to protect its users.289 To
Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Friday, as NFP Report Looms
Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Friday, as NFP Report Looms Cryptocurrency prices rebounded on Friday, as markets prepared for the latest U.S. nonfarm payroll
Biggest Movers: SHIB, DOT Remain Near 3-Month Highs, Despite Crypto Markets Falling
Biggest Movers: SHIB, DOT Remain Near 3-Month Highs, Despite Crypto Markets Falling Shiba inu was one of Friday’s biggest gainers, as the meme coin remained close to a recent thr
Jesse Coghlan2 hours agoCoinbase layer-2 network Base hits 136,000 daily active usersAround 30% of Base’s users on Aug. 10 were new to the blockchain, which launched only a day prior.1292 Total views19 Total sharesList
KPMG to help US crypto firms uphold reporting standards
Arijit Sarkar31 minutes agoKPMG to help US crypto firms uphold reporting standardsKPMG formed a strategic alliance with Cryptio to help crypto firms in the United States adhere to GAAP compliance, enhancing accounting an
Bitcoin trades sideways while TON, RNDR, PEPE and AR flash bullish signs
Rakesh Upadhyay2 hours agoBitcoin trades sideways while TON, RNDR, PEPE and AR flash bullish signsBitcoin price looks stuck in the near term, but TON, RNDR, PEPE and AR could surprise traders by making a strong upside mo
Brazilian Tax Authority RFB Registers New Record of Almost 1.5 Million Brazilians Investing in Crypto in September
Brazilian Tax Authority RFB Registers New Record of Almost 1.5 Million Brazilians Investing in Crypto in September The Brazilian Tax Authority RFB registered a new record in the nu
Bitcoin Cash Captured More Than 10% of Darknet Vendors Last Month
Bitcoin Cash Captured More Than 10% of Darknet Vendors Last Month 2019 was an interesting year for darknet markets (DNMs) and a number of marketplaces closed for a variety of rea
Upbit’s trading volume falls below $4B after reaching yearly high in March
Ezra Reguerra10 hours agoUpbit’s trading volume falls below $4B after reaching yearly high in MarchUpbit’s 24-hour trading volume reached a yearly high of nearly $15 billion on March 5 before dropping to as low as $2
EverEarn Co-Founder Dave Rahman Explains How to Build a Startup That Will Stand the Test of Time
EverEarn Co-Founder Dave Rahman Explains How to Build a Startup That Will Stand the Test of Time The EverEarn token ($EARN) launched on the BNB Chain in January 2022 with a simple