CRYPTO NEEDS REGULATION, BUT IT DOESN’T NEED NEW RULES Warren referred to cryptocurrency markets as the “Wild West” during an interview on Bloomberg TV. The senator didn’t suggest new regulations, but said that some financial market protections aren’t available for cryptocurrencies.
U.S. Sen. Elizabeth Warren, D-Mass., called for oversight of the cryptocurrency market in order to protect consumers from scams coming from the growing interest in the digital currencies. GET FOX BUSINESS ON THE GO BY CLICKING HERE
Warren chaired a Senate Banking subcommittee hearing on Wednesday looking at issues with cryptocurrencies as well as whether the U.S. Federal Reserve should issue its own digital currency. The price was around $36,293 per coin, while rivals Ethereum and Dogecoin were trading around $2,545 and 33 cents per coin, respectively, according to Coindesk.
IRS WANTS CONGRESS TO HELP COLLECT CRYPTOCURRENCY TAX INFORMATION Last month, three industry bodies banned crypto-related financial and payment services, and the State Council, China’s cabinet, vowed to clamp down on bitcoin mining and trading. The Ministry of Public Security said the arrests came as authorities in China stepped up their crackdown on cryptocurrency trading.
Meanwhile, police in China arrested more than 1,000 people suspected of using cryptocurrencies to launder illegal proceeds from telephone and Internet scams, according to Reuters. U.S. Sen. Elizabeth Warren, D-Mass., speaks at the U.S. Capitol on July 22, 2020. (Getty Images)
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