Senator Elizabeth Warren and her colleagues in Congress have introduced a bill that could impact the crypto industry. At a Senate banking committee hearing, JPMorgan Chase CEO Jamie Dimon expressed concerns about the proposed Basel III Endgame. Bank CEOs, including Goldman Sachs CEO David Solomon, opposed the increased capital requirements, warning of economic repercussions. Regulators claim the proposal is necessary for financial system stability, but it faces criticism from Wall Street. The hearing also witnessed bipartisan support for expanding Treasury Department's sanctions powers and addressing crypto. Senator Warren has been vocal about the potential misuse of crypto by rogue states like North Korea and Iran, leading to concerns about terror financing. The crypto industry is facing increased scrutiny and criticism from lawmakers and Wall Street executives.
In a recent interview, @SenWarren called for the U.S. Bank Secrecy Act to be updated to address the "threat" of crypto. https://t.co/gDrulVVl7a
Elizabeth Warren: Update Bank Secrecy Act to Address Crypto 'Threat' ► https://t.co/6qOTJhv7v5 https://t.co/6qOTJhv7v5
A bipartisan anti-crypto terror financing bill is on the floor of the U.S. senate, @thesamreynolds reports https://t.co/NF9lATY3qm
Senator Elizabeth Warren has once again voiced strong criticism against cryptocurrencies, highlighting them as a new threat to the United States https://t.co/pTfaLJJBrp
The Bank of England steps up warnings about hedge funds shorting US Treasury futures https://t.co/GSNfrmW6DD
ICYMI: Bipartisan group of senators introduce bill to expand Treasury Department’s sanctions powers and provide more resources to address crypto https://t.co/KccPCk1Mvf
From @Breakingviews: Eight US bank chiefs delivered a more populist warning against the new capital rules before the Senate: water them down, or regular Americans will be impoverished. It’s disingenuous at best; counter-productive at worst https://t.co/mpGJdebQdZ
Elizabeth Warren wants to ban crypto. Tyrant. https://t.co/nQN07RHShY
The Senate’s Wall Street oversight hearing turned into an afternoon of crypto-bashing https://t.co/kGvjgura4Q
NEW - US Sen. Elizabeth Warren says North Korea is using crypto to fund half of its nuclear weapons program. https://t.co/xerylT2Jyr
Bipartisan group of senators introduce bill to expand Treasury Department's sanctions powers and provide more resources to address crypto https://t.co/glMPVY3K4v
JUST IN: 🇺🇸 US Senator Elizabeth Warren claims North Korea is using #Bitcoin and crypto to fund "half" of its nuclear weapons program. https://t.co/ZNSA3JKpHh
LISTEN NOW: Senator Elizabeth Warren discusses her concerns about cryptocurrency after big bank CEOs appeared before Congress this week. Listen and follow the @SquawkCNBC podcast here: https://t.co/gZaa8fjg8c https://t.co/oBVElL6jCR
Bipartisan Senate group seeks expansion of sanctioning power for financing terror groups https://t.co/Ebks0oNe87
"Hedge funds have unwound short positions across the Treasury futures curve by the most rapid pace since February." @EddBolingbroke https://t.co/63yUvvC7Jg
Blockchain-Friendly Bill Approved in U.S. House https://t.co/8aUk9HJq0Q
Wall Street CEOs push back against proposed regulations aimed at raising the levels of capital they’ll need to hold against future risks. https://t.co/CeSDhrSYiZ
Wall Street bank bosses warn lawmakers of economic toll from new rules. @LananhTNguyen reports https://t.co/Z3M6vMq3Yf https://t.co/ZWvpufNT21
A new bi-partisan bill could spell trouble for the crypto industry in the U.S. Cointelegraph Magazine takes a deeper look at the Digital Asset Anti-Money Laundering Act of 2023. https://t.co/SaeoEZyUQ9
"Big bank CEOs complained about capital requirements, just like they did with Dodd-Frank," said Senator Sherrod Brown, the Democrat who chairs the banking committee. "Strong rules, like capital requirements, protect workers, taxpayers, and our economy." https://t.co/fbT7V1GDqK
The billionaire head of the U.S.’ largest bank issued scathing criticism of cryptocurrency at a Senate hearing, suggesting the only reason crypto exists is to fund illegal activity and encouraging the government to “close” the $1.7 trillion industry. https://t.co/hRsKy1tB09
The latest installment of the Senate Banking Committee’s grilling of Wall Street titans was surprisingly routine, even with some skirmishing over remaking US financial rules https://t.co/ERIfQwREa0
The Senate’s Wall Street oversight hearing turned into an afternoon of crypto-bashing https://t.co/SGdYnjyF5U
The Senate’s Wall Street oversight hearing turned into an afternoon of crypto-bashing https://t.co/Q0poKcPM1M
The Senate’s Wall Street oversight hearing turned into an afternoon of crypto-bashing https://t.co/wSbSdLFwFA
The latest installment of the Senate Banking Committee’s grilling of Wall Street titans was surprisingly routine, even with some skirmishing over remaking US financial rules https://t.co/xk9PLW8Gkn
The latest installment of the Senate Banking Committee’s grilling of Wall Street titans was surprisingly routine, even with some skirmishing over remaking US financial rules https://t.co/egjbT7b8AH
Wall Street bank bosses warn lawmakers of economic toll from tough new rules https://t.co/unpZj2C7ew https://t.co/8Rr0Uo7aGB
Big US banks balk at new capital rules in Senate hearing https://t.co/jrOJm87vzR
Wall Street CEOs say proposed banking rules will hurt small businesses, low-income Americans https://t.co/gjwQzFV2ef
US lawmakers split over support for ‘Basel III endgame’ rules for banks https://t.co/ksgK26WigP
Leaders of some of the nation's biggest banks attacked regulators over their proposals to toughen industry rules — even threatening at a Senate hearing to challenge the constitutionality of the plan. https://t.co/GJS6jDNiNl
Wall Street bank bosses warn lawmakers of economic toll from tough new rules https://t.co/dV2gUAAG0R https://t.co/JR9CXaswZ2
The heads of Wall Street’s biggest banks took their most direct swing yet at Washington’s plans to force them to set aside more cash as a buffer against losses https://t.co/dPqQFiPFvD
It's not every day that big bank CEOs agree with Sen. Elizabeth Warren. But pigs flew during a Senate hearing Wednesday when the Massachusetts Democrat brought up the topic of cryptocurrency. https://t.co/RwH2TzdP4V
Jamie Dimon takes aim at Basel III Endgame proposal in Senate Banking Committee hearing https://t.co/h115OZsuOI
WATCH: @SenWarren explains how #crypto is an indispensable tool for criminals, terrorists, and rogue states like North Korea and Iran. Learn more about how #crypto is enabling criminals here: https://t.co/YMgYEanauf https://t.co/UpBftV2YJQ
The Basel III Endgame reforms will have a significant impact on capital markets. Policymakers should take into account the totality of reforms and work towards a level of bank capital that provides safety without impairing economic growth, lending, and market activities. https://t.co/OKqgFjpe7w
Wall Street bank bosses warn lawmakers of economic toll from tough new rules https://t.co/gWA1flQCpO https://t.co/QfOWwIYhvC
Regulators claim the Basel Endgame proposal is necessary to protect the stability of the financial system, but it will have real consequences for families and small businesses across the country. @SenatorRounds https://t.co/M463fGMRks
"A wholesale increase of 25% capital on the largest banks, with lots of individual provision that affect different activities, I think is ultimately punitive to economic growth," says Goldman Sachs CEO David Solomon on the proposed requirements under Basel III Endgame. https://t.co/hsWWiFvhuK
BREAKING: Bank CEOs don’t like increased capital requirements
"I fear that propose now, study later has become a troublesome new theme in Washington," says JPMorgan Chase CEO Jamie Dimon on the proposed Basel III Endgame at today's Senate banking committee hearing. https://t.co/pIDqszHHoZ
WATCH: The Senate Committee on Banking, Housing and Urban Affairs is holding its annual oversight meeting of Wall Street firms. https://t.co/xtJPmRu0Du
Senator Elizabeth Warren and several of her colleagues in Congress have introduced a bill that could have major implications for the crypto industry. https://t.co/SaeoEZzsFH (Via @cointelegraphZN)