U.S. Sen. Sherrod Brown (D-Ohio), the chairman of the Senate Banking Committee, has widely been seen as the linchpin of legislation to set up oversight of the cryptocurrency industry. While his crypto suspicions have been clear in hearings, his plans for specific bills remained quiet until now.
Brown sent a letter Wednesday to U.S. Treasury Secretary Janet Yellen, for the first time outlining his willingness to work on legislation and the broad strokes of what that legislation should look like – including that the approach must be comprehensive and rope in all the relevant financial agencies.
“Single regulatory agencies currently generally do not have a comprehensive view of crypto asset entities’ activities,” Brown argued in his letter, which highlighted the findings of a report from the Financial Stability Oversight Council led by Yellen, including its recommendation for legislation that would “create authorities for regulators to have visibility into, and otherwise supervise, the activities of the affiliates and subsidiaries of crypto-asset entities.”
Source: After Months at Arm’s Length, Sen. Brown Opens Door for Crypto Legislation
