American regulators are pushing hard against crypto: Law Decoded, Feb. 28–March 6
American lawmakers and regulators continue to compete in their creative efforts to propose anything but comprehensive game rules for the crypto industry.
Senators Edward Markey and Richard Blumenthal have penned a letter asking Meta CEO Mark Zuckerberg to deny young adults access to the firm’s metaverse platform. According to the two lawmakers, allowing teenagers between 13 and 17 years old entrance to the virtual environment posed “serious risks,” citing privacy concerns, eye strain and online bullying.
Along with his colleague Jared Huffman, Markey also announced the reintroduction of the Crypto-Asset Environmental Transparency Act in Congress. The bill would require crypto mining companies to disclose emissions for operations that consume more than five megawatts of power, and require the Environmental Protection Agency administrator to head up an interagency investigation of the impact of crypto mining in the United States.
Another group of Senators — Elizabeth Warren, Chris Van Hollen and Roger Marshall — have sent a letter to Binance CEO Changpeng “CZ” Zhao expressing concern over several areas of Binance’s activities. The Senators requested information from the company, including its balance sheet. The trio claim there is evidence that the company attempted to evade U.S. sanctions and facilitated the laundering of at least $10 billion.
The United States Securities and Exchange Commission chair Gary Gensler has again backed a proposed rule that would extend asset custody rules to more cryptocurrencies, saying investors need more protection. The proposed rule would require written agreements between advisers and custodians, add requirements for foreign institutions serving as custodians, and explicitly extend the
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