US Senator: The Cryptocurrency Market Needs More Transparency

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US Senate Banking Committee Chairman Sherrod Brown has sent letters to US Treasury Secretary Janet Yellen, SEC head Gary Gensler and CFTC head Rostin Behnam calling for stricter disclosure requirements for companies in the digital asset industry.

Brown noted what he saw as significant financial losses for cryptocurrency investors, citing around $10 billion lost due to fraud and hacker attacks in 2022.

He wrote that “When exploring crypto tokens, investors must be able to assess risks, avoid fraud, and understand conflicts of interest.”

In December 2022, Brown made the controversial call for the SEC and CFTC to consider banning cryptocurrencies, despite the potential difficulty of implementing this initiative.

In September 2023, SEC chief Gary Gensler clarified his hardline stance on digital assets, referring to the potential dangers to the global financial system.