A senior U.S. senator, RonWyden, is formally questioning BinanceUS, coinbase, krakenfx and others about their businesses, including their custody of customer assets and whether they can prove what they have in reserve. jesseahamilton reports.
and Coinbase are on a list of crypto companies questioned this week by the chairman of the U.S. Senate Finance Committee about how they protect the investors using their services in light of the widespread damage caused by the fall of FTX.– including Bitfinex, Gemini, Kraken and KuCoin – asking them to explain their structures, whether they separate customers’ assets from their own and how they guard against market manipulation and internal conflicts of interest.
“As Congress considers much-needed regulations for the crypto industry, I will focus on the clear need for consumer protections along the lines of the assurances that have long existed for customers of banks, credit unions and securities brokers,” Wyden said in the letters. “If these protections had been in place before the failure of FTX, far fewer retail investors would be facing precipitous financial harm today.
The letters – dated Nov. 28 – request balance-sheet information and explanations for the companies’ reserves, including whether they’re audited. While it’s unlikely the companies – most of them private and a couple of them based overseas – will provide detailed financial data, the requests underline Democratic lawmakers’ possible approach to the industry as the next session of Congress gets rolling in about a month.
Wyden’s committee isn’t core to some of the central regulatory questions facing the industry in the U.S., but his authority over tax issues could play an important part. The Oregon senator had previously been
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