Crypto Legislation Passes House Financial Services Committee

• A suite of crypto legislation passed the House Financial Services Committee this week
• Sam Bankman-Fried surrenders Caroline Ellison’s personal writings to court
• SEC commissioner Hester Peirce calls watchdog’s public accounting warning into question

Crypto Legislation Advances Through House Financial Services Committee

The House Financial Services Committee advanced seven pieces of legislation concerning digital asset regulation on July 27th. This Republican-led effort is a significant legislative moment for cryptocurrency regulations, despite opposition from Democrats on the committee. Representative Maxine Waters said that “this bill heeds the calls from the crypto industry while disregarding the views of the administration, the Securities and Exchange Commission, and consumer and investor advocates.”

Sam Bankman-Fried Surrenders Writings to Court

Sam Bankman-Fried surrendered Caroline Ellison’s personal writings to court in response to a subpoena issued by New York Supreme Court Judge Barry Ostrager. These documents are related to an ongoing investigation against Bitfinex and Tether, both of which are affiliated with Bankman-Fried’s company Alameda Research.

Democratic Congressman Ritchie Torres Criticizes SEC

Democratic congressman Ritchie Torres called Gary Gensler’s appointment as Chair of U.S. Securities and Exchange Commission (SEC) “arbitrary and capricious” due to his past involvement with Goldman Sachs Group Inc., a major Wall Street firm. Torres believes this will lead to regulatory decisions that favor industry incumbents rather than serving consumers interests.

Jason Lowrey’s Book Removed from Circulation

Jason Lowrey’s book on the strategic significance of Bitcoin entitled „Modern Money: Understanding Bitcoin in Light of Digital Currency Revolution“ was removed from circulation and MIT library for unknown reasons . This is raising concerns among academics over censorship in publishing houses related to blockchain technology topics.

SEC Commissioner Calls Public Accounting Warning Into Question

SEC Commissioner Hester Peirce called into question a recent warning issued by U.S financial watchdog FINRA regarding public accounting firms providing assurance services with regards to cryptocurrencies or Initial Coin Offerings (ICOs). Peirce asserted that such warnings can stifle innovation if they discourage potential entrants into new markets before they have become established or mature enough for regulators to provide clear guidance on how these new products should be governed or regulated