Cynthia Lummis · US Senate · Republicans · Federal Reserve (FED) · CLARITY Act · Cointelegraph
Senate Republicans push finance watchdogs to clarify crypto capital rules
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Senator Cynthia Lummis has led a group of lawmakers urging financial regulators for “fair capital treatment for on-balance sheet treatment of digital assets.”
Key facts
- Senator Cynthia Lummis said on Thursday that she led the group in sending a letter on May 27 to Federal Reserve Vice Chair for Supervision Miki Bowman, Federal Deposit Insurance Corp
- The group took issue with the Basel Committee on Bank Supervision’s longstanding standards that assigned a 1,250% risk weight to crypto, which they said was “not derived from a calibrated assessment of the actual risk profile of digital assets
- Senators Dan Sullivan, Bill Hagerty, Bernie Moreno, Ted Budd and Jon Husted also signed the letter
- A group of Senate Republicans has urged US financial regulators to clarify the capital standards for companies engaged in crypto activities
Summary
Senator Cynthia Lummis said on Thursday that she led the group in sending a letter on May 27 to Federal Reserve Vice Chair for Supervision Miki Bowman, Federal Deposit Insurance Corp. Chairman Travis Hill, and Comptroller of the Currency Jonathan Gould. The letter commended the agencies’ guidance in March that clarified the capital treatment of tokenized securities, but urged them “to build on that progress to move towards a clear and fair capital treatment for on-balance sheet treatment of digital assets.