ChainCatcher news, according to the New York Post, U.S. Senator Bernie Sanders publicly expressed support for the Department of Government Efficiency (DOGE) proposed by Trump. He stated on X: "Musk is right. The Pentagon's budget is $886 billion, yet it has failed its audit for the 7th consecutive time. It can no longer keep track of how many billions of dollars it has."He added: "Last year, only 13 senators voted against the military-industrial complex and the defense budget filled with waste and fraud. This situation must change."

ChainCatcher news, according to Cointelegraph, within 48 hours, U.S. senators received over 2,200 letters urging them to jointly initiate and support the "Bitcoin Strategic Reserve Act" proposed by Cynthia Lummis.Among them, the Democrats received 1,333 letters, the Republicans received 850 letters, and independents received 41 letters.

According to ChainCatcher news, at least seven current U.S. senators will attend the Bitcoin 2024 conference held in Nashville this week, as revealed by Alex Thorn, the research director of the cryptocurrency asset management company Galaxy Digital (this is just what I personally know).

ChainCatcher news, according to Fox reporter Eleanor Terrett, U.S. Senator Bill Hagerty stated that he would encourage the SEC to focus on clarity in the cryptocurrency space to establish a proper ecosystem and prevent the industry from moving overseas.SEC Chairman Gary Gensler countered that illegal activities and discontent with the law are different from a lack of clarity. Hagerty mentioned that there is still a lot of uncertainty and lack of clarity from the SEC, which is unnecessary.

ChainCatcher news, according to The Block, U.S. Senator Cynthia Lummis and Representative Patrick McHenry wrote a letter urging Biden not to veto the "repeal" of the cryptocurrency accounting policy (SAB 121) bill, stating that the voting results from both parties in the House and Senate provide a reason not to veto.ChainCatcher previously reported that Cody Carbone, Chief Policy Officer of the cryptocurrency advocacy organization The Digital Chamber, stated on social media: "We received confirmation that the U.S. Congress only sent the resolution to repeal SAB 121, H.J Res 109, to Biden last night. This changes the 10-day deadline. The U.S. President currently has a time window until June 3 to decide whether to exercise veto power over this resolution (10 days total, excluding Sunday)."

ChainCatcher news, according to The Block, U.S. Senators Ron Wyden and Cynthia Lummis wrote a letter to U.S. Attorney General Merrick Garland, expressing "serious concerns" about the Justice Department's expanded definition of money transmission set forth by the Financial Crimes Enforcement Network.Previously, the Justice Department accused Samourai Wallet and Tornado Cash, two cryptocurrency mixers, of operating unlicensed money transmission businesses.

According to ChainCatcher, The Block reported that U.S. Senators Elizabeth Warren and Chuck Grassley have sent a letter to Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam, requesting the submission of correspondence with FTX founder Sam Bankman-Fried (SBF) by April 29.The two senators stated that to determine the nature of the relationship between the regulatory agency CFTC and SBF, and to uncover how this multi-billion dollar criminal case occurred, Congress and market regulators like the CFTC must take action to safeguard the savings and pensions of the American public.It is reported that in 2022, Behnam testified before the Senate Agriculture Committee, stating that his team met with SBF and other FTX executives about 10 times in the 14 months leading up to FTX's bankruptcy, and exchanged "multiple messages" with SBF.

ChainCatcher news, according to Fox reporter Eleanor Terrett's post on social media, U.S. Senator Jack Reed from Rhode Island and Senator Laphonza Butler from California jointly wrote to SEC Chairman Gary Gensler, requesting the agency to intervene to ensure that brokerage firms provide appropriate disclosures to investors regarding BTC ETFs. Additionally, Senator Jack Reed also urged the SEC not to approve other cryptocurrency ETFs.The letter explains that while the Bitcoin market shows some weaknesses, it is more mature and subject to stricter scrutiny compared to other cryptocurrencies. Regardless of how susceptible Bitcoin is to fraud and manipulation, other cryptocurrencies are affected by misconduct to a much greater extent, and their trading volume or integrity is insufficient to support related ETFs.

ChainCatcher news, according to CoinTelegraph, two U.S. senators have requested that the U.S. Securities and Exchange Commission (SEC) provide a report to Congress regarding the X account violation that occurred on January 9. Senators J.D. Vance and Thom Tillis described this incident in a letter to SEC Chairman Gary Gensler as a "serious concern" regarding the commission's internal cybersecurity procedures. They pointed out that this incident is contrary to the commission's threefold mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.The senators expressed concern over the hacking incident, stating that it has caused "widespread confusion," and therefore requested that the SEC provide a report to Congress about this event, mentioning the recently finalized rules regarding cybersecurity disclosures. The letter was sent on January 9 (U.S. time), which sets the proposed deadline for January 15. The letter reminded the SEC that, as required, all companies must disclose any impact on their business within four days of a cybersecurity incident.

ChainCatcher news, according to Cointelegraph, U.S. Senators Marshall and Warren are engaging with the largest banking lobby group in the U.S., the American Bankers Association (ABA), seeking its assistance in drafting a cryptocurrency ban bill.In response, Coinbase CEO Brian Armstrong expressed disappointment and added, "As we enter 2024, anti-crypto is a very bad political strategy."

ChainCatcher News, U.S. Senators Sens. Cynthia Lummis and Kirsten Gillibrand have released a new version of the cryptocurrency bill, which features bipartisan cooperation, unlike the House bill.The bill addresses nearly all key issues, including a broad definition of digital asset commodities, which will place most regulatory responsibilities under the Commodity Futures Trading Commission rather than the Securities and Exchange Commission; tax incentives for transactions below $200; clear regulatory provisions for payment stablecoin issuers; and funding for the Commodity Futures Trading Commission and other agencies to implement these policies.Due to the bill's involvement with multiple committees, it is highly unlikely to be considered in its complete and current form, or to have parts of it added to other must-pass legislative work.

ChainCatcher news, according to Bloomberg, U.S. Senators Elizabeth Warren and Chris Van Hollen stated in a letter to U.S. Attorney General Merrick Garland that the cryptocurrency exchange Binance may have made false statements, including whether its U.S. subsidiary Binance.US is truly an independent entity. They hope the Justice Department will investigate whether Binance lied to lawmakers about its business practices. (Source link)

ChainCatcher message, the RESTRICT Act proposed by Senators Warner and Thune aims to prevent or disrupt transactions and financial assets involving foreign adversaries that pose a risk to national security. Although the primary target of this legislation is companies like TikTok, the wording of the bill could be used to prevent or disrupt cryptocurrency transactions, and in extreme cases, could also block Americans' access to open-source tools or protocols like Bitcoin.The RESTRICT Act is conceptually similar to the International Emergency Economic Powers Act (IEEPA), which authorizes OFAC to block transactions between U.S. persons and sanctioned foreign entities. (source link)

ChainCatcher news, according to official sources, Binance responded to U.S. Senators Warren, Van Hollen, and Marshall's inquiries about Binance at the beginning of the month, stating that the articles referenced in the senators' letters regarding Binance.com (not Binance.US) are either inaccurate or incomplete.Binance emphasized its commitment to compliance, regularly engaging with U.S. law enforcement and striving for greater transparency by publishing proof of reserves, information on hot and cold wallets, and commitments from the trading platform.As previously reported by ChainCatcher, on March 3, three senators from the U.S. Senate Banking Committee wrote to Binance requesting a "complete copy of the balance sheets of Binance and its subsidiaries from 2017 to the present," as well as an "estimate of the number and percentage of users in the U.S. for each fiscal quarter from 2017 to the present." (source link)

ChainCatcher News, U.S. Democratic Senator Elizabeth Warren and colleagues urge U.S. auditing regulators to take action against "sham audits" of crypto companies, arguing that such audits have impacted the recent stress on the U.S. banking system.The Public Company Accounting Oversight Board (PCAOB) acknowledged potential issues with crypto audits to lawmakers, including Senator Ron Wyden of the Senate Finance Committee. PCAOB Chair Erica Williams expressed concern about PCAOB-registered audit firms conducting "sham audits." Unfortunately, the PCAOB faces regulatory limitations when overseeing the audits of certain cryptocurrency companies. Earlier this month, the PCAOB's Inspector General also warned that reserve reports from crypto companies are often based on unreliable information and do not constitute true audits. (CoinDesk)

ChainCatcher news, Wyoming Republican Senator Cynthia Lummis and New York Democratic Senator Kirsten Gillibrand have jointly initiated the "Responsible Financial Innovation Act," which was first submitted to the Senate last June. Lummis stated on Thursday that the revised version will be submitted to the Senate in mid-April this year. Gillibrand added that the revised version will provide more detailed definitions of tokens.It is reported that the original bill focused on clarifying the roles of different regulatory agencies, strengthening the regulation of stablecoins, and eliminating taxes on cryptocurrency transactions below $200. In the revised version, the industry widely expects the bill to prohibit all algorithmic stablecoins. Additionally, there are still details to be determined regarding who can issue stablecoins and the associated reserve requirements. (Source link)

ChainCatcher news, according to Coindesk, U.S. Republican Senator Tommy Tuberville plans to introduce legislation on Wednesday that would restrict employers and investment firms from including cryptocurrency investments in 401(k) retirement benefit plans. (Source link)

ChainCatcher News, U.S. Senate Judiciary Committee member Josh Hawley has written to senior officials in the Biden administration, requesting "information and communication" regarding SBF's "generous" donations, urging the U.S. Department of Justice, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission to share the requested information. It is reported that SBF previously donated nearly $40 million to fund the Democratic Party during the elections.Josh Hawley questioned the legitimacy of the related donation funds and whether federal regulatory agencies and law enforcement are "facing conflicts of interest in identifying, investigating, and preventing fraudulent schemes." He stated, "Bankman-Fried used his ill-gotten gains to serve the Democratic Party, making him the second-largest individual donor after George Soros." (Beincrypto)

ChainCatcher news, Arkansas Republican John Boozman issued a statement promising to continue advancing the Digital Goods Consumer Protection Act. U.S. Senate Agriculture Committee Chair Debbie Stabenow also stated that she would continue to work with him to promote the bill.It is reported that FTX CEO Samuel Bankman-Fried (SBF) has been referred to as the most powerful industry supporter of the Digital Goods Consumer Protection Act, which would grant the Commodity Futures Trading Commission (CFTC) more authority over the cryptocurrency markets and exchanges.Previously, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler stated that SBF's role in promoting the Digital Goods Consumer Protection Act, currently under review by the Senate Agriculture Committee, undermined the authority of the SEC. (source link)

According to ChainCatcher news and a report by Decrypt, the carbon trading market protocol KlimaDAO has engaged in multiple conversations with staff from U.S. Senators Sens. Cynthia Lummis and Kirstin Gillibrand's offices, aiming to clarify the scope of the crypto industry, outline how digital assets should be taxed, and how they should be regulated by different government agencies, including defining terms like DAO that lawmakers have yet to determine.It is reported that in June, Kirsten Gillibrand and Cynthia Lummis introduced a crypto regulation bill that favors the U.S. Commodity Futures Trading Commission (CFTC) as the regulatory body and alleviates tax concerns for users purchasing goods with cryptocurrencies. (decrypt)