It was a busy month on Capitol Hill in July, as lawmakers rushed to finish their legislative business before the August recess. Unfortunately, much of that legislative business included passing deregulatory crypto legislation favored by the crypto industry, and dangerous nominees at the financial regulatory agencies.
Congress Passes Deregulatory Crypto Legislation:
Earlier this month, both Chambers of Congress advanced deregulatory crypto legislation, with the bill focused on “un”stablecoins, the GENIUS Act, getting passed into law and the broader market structure legislation, the CLARITY Act, passing the House. Both bills have several problems surrounding financial security, taxpayer funded bailouts, conflicts of interest, and consumer protection issues. As the GENIUS Act moves to the regulatory arena, we will continue to track and push back against dangerous deregulation in the banking sector and beyond. Keep up to date on Better Markets’ work fighting against the crypto industry here.
Senate Banking Committee Looks at AI in the Securities Industry
On July 30th, Senate Banking Committee held a hearing entitled, “Guardrails and Growth: AI’s Role in Capital and Insurance Markets.” This hearing focused on the potential, and dangers, of the growing role of AI in the financial sector. Better Markets released a new fact sheet connected to AI in the securities industry. Be sure to follow our work on AI in the financial sector here.
