Retiring Senator Pat Toomey has introduced his stablecoin legislation just prior to his exit from the Senate and his ranking position on the Senate Banking Committee. Toomey is currently one of the most effective and knowledgeable policymakers engaged in financial services legislation, and his presence… Read More
Last Friday, the Senate Banking Committee issued a statement as to whether or not, Sam Bankman-Fried will attend a Hearing on the FTX disaster and ensuing bankruptcy filing. The hearing is scheduled for next week on December 14, a day after the House Committee on… Read More
Senator Pat Toomey, the ranking member on the Senate Banking Committee, and Representative Patrick McHenry have co-authored a letter addressed to SEC Chairman Gary Gensler demanding answers regarding “mismanagement” of the Commission, which were highlighted in a recent report by the SEC’s Office of Inspector… Read More
Last week, the Association of Online Investment Platforms (AOIP), a young group aiming to advocate on behalf of online capital formation including securities crowdfunding, visited Congressional staff as well as individuals at the Securities and Exchange Commission. The AOIP members discussed possible legislation and regulations… Read More
The Retirement Savings Modernization Act was introduced today by Senators Pat Toomey and Tim Scott, along with Representative Peter Meijer. The Act broadly expands the asset classes available to ordinary citizens for retirement accounts like widely utilized 401k plans. The legislation aims to help individuals better… Read More
Robinhood (NASDAQ:HOOD), a social trading platform providing access to both traditional securities and crypto, is seeing a bump in its share price as chatter indicates that the practice of Payment for Order Flow – will remain in place. Robinhood promotes is a fee trading service… Read More
SEC Chairman Gary Gensler testified in front of the Senate Banking Committee today, reiterating his opinion that in regards to digital assets (or crypto assets) that the vast majority are securities. The exception being Bitcoin, and perhaps Ethereum – which entail much of the crypto… Read More
Coinbase (NASDAQ:COIN) recently worked with the Securities and Exchange Commission (SEC) to pursue an insider action investigation that ended up with three individuals, including a former Coinbase manager, being hit with a lawsuit by the SEC as well as parallel criminal charges from the US… Read More
The Association of Online Investment Platforms (AOIP) has forwarded a letter to members of Congress in support of the JOBS Act 4.0 legislation. In the spring of 2022, Republicans on the Senate Banking Committee submitted draft legislation on the 10th Anniversary of the JOBS Act… Read More
Passed with large bipartisan majorities and signed into law by President Obama, the 2012 JOBS Act was a bipartisan achievement of consequence. The JOBS Act substantially improved the laws governing entrepreneurial capital formation and has had a measurable positive impact on entrepreneurial capital formation. But… Read More
Last week, on the anniversary of the JOBS Act of 2012, Republican members of the Senate Banking Committee pitched a new legislative initiative to support entrepreneurship, access to capital, and helping retail investors. The JOBS Act of 2012 legalized online capital formation. The JOBS… Read More
The White House has finally selected two individuals to become Commissioners at the Securities and Exchange Commission (SEC). President Joe Biden has selected: Jaime Lizárraga Mark Uyeda According to the White House, Jaime Lizárraga is currently a Senior Advisor to Speaker of the House Nancy… Read More
Stablecoin TRUST Act of 2022 Senator Pat Toomey has proposed legislation to regulate stablecoins. Toomey is the ranking Republican on the Senate Banking Committee. The Senator’s legislation incorporates the key components: Authorizes three different options to issue payment stablecoins: Establishes a new federal license designed… Read More
The Republicans on the Senate Banking Committee have submitted draft legislation on the 10th Anniversary of the JOBS Act, called JOBS Act 4.0. The JOBS Act of 2012 was the law that created online capital formation or investment crowdfunding. Three exemptions were legalized that enabled… Read More
Chairman of the Federal Reserve Jerome Powell spent much of yesterday testifying in front of the US Senate Banking Committee as part of his nomination process. It is anticipated that Powell will easily be approved by the Committee as well as the full Senate for… Read More
Senator Pat Toomey and Representative Patrick McHenry have sent a letter to SEC Chairman Gary Gensler criticizing his decision to limit comment periods on proposed rulemaking. McHenry is the Ranking Member on the House Committee on Financial Services and Toomey is the Ranking Member on… Read More
Following the House Financial Services Committee hearing on cryptocurrency last week, the Senate Banking Committee held a related hearing to discuss the stablecoin market. Entitled Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?, the Senate Banking Committee had a single… Read More
President Joe Biden has withdrawn the nomination of Saule Omarova to become the Comptroller of the Currency, according to a statement by the Whitehouse. The Office of the Comptroller of the Currency is an independent bureau under the US Department of Treasury and the lead… Read More
The Secretary of the Treasury Janet Yellen has provided responses to questions put forth by Senator Pat Toomey – the ranking Republican on the Senate Banking Committee. The questions are in follow-up to a recent hearing at the Committee. Yellen, along with Fed Chairman Jerome… Read More
Jerome Powell has been renominated by President Joe Biden to continue on as the Chairman of the Federal Reserve. Dr. Lael Brainard was selected to serve as Vice-Chair of the Board of Governors of the Federal Reserve System. In recent days there has been much… Read More
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