Acting Comptroller Michael J. Hsu urged regulators to monitor the nature of the relationship between TradFi and DeFi warning that applying traditional finance regulations and concepts to a decentralized cryptocurrency industry may downplay and disguise the significant risks associated with cryptocurrencies.
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In an American Enterprise Institute ("AEI") article titled "The Slow Economic Recovery Explained," senior fellow Peter J. Wallison draws a connection between the economy of the last six years and provisions of the Dodd-Frank Act. Mr. Wallison identified various studies indicating that small banks and businesses suffered as a result of costs imposed by the Dodd-Frank Act. He explained that such costs burden small firms and prevent them from obtaining access to the credit they need to grow. He argued that bigger businesses are able to reap the benefits of credit offered through the capital
According to a report on TheHill.com, American Federation of Labor and Congress of Industrial Organizations ("AFL-CIO") President Richard Trumka demanded that Wall Street end the practice of giving "golden parachutes" to executives leaving for government jobs. In a letter to six top banking executives, Trumka argued that it should "not take the passage of a law defining them as bribery under the U.S. criminal code for you to do the right thing and stop offering them." Senator Tammy Baldwin (D-WI) and Representative Elijah Cummings (D-MD) introduced legislation in July that would ban government
The House Agriculture Committee approved seven legislative proposals amending Dodd-Frank Title VII. All but one of the bills advanced on a voice vote; the Swaps Regulatory Improvement Act (H.R. 992) was approved by a vote of 31-14. H.R. 634, the Business Risk Mitigation and Price Stabilization Act, allows end users to use derivatives for hedging without being subject to margin requirements. H.R. 677, the Inter-Affiliate Swap Clarification Act, provides that certain transactions between affiliates within a single corporate group are not regulated as swaps, subject to a variety of conditions
The Federal Reserve Board, FDIC, OCC, SEC and CFTC adopted amendments to the Volcker Rule "covered funds" provisions.