Crypto Council for Innovation GC to testify at US Senate 'crypto crash' hearing

Published at: Feb. 8, 2023

United States lawmakers with the Senate Banking Committee have announced three witnesses scheduled to appear before a hearing scheduled on Feb. 14.

At the time of publication, the U.S. Senate Banking Committee’s hearing titled ‘Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets’ had witnesses including Vanderbilt University law professor Yesha Yadav, Duke Financial Economics Center policy director Lee Reiners, and Linda Jeng, a lecturer at Georgetown University Law Center’s Institute for International Economic Law. The hearing will be one of the first in the 118th session of the U.S. Congress exploring the regulation of cryptocurrencies following a 2022 market crash and the collapse of major exchanges including FTX.

The crypto advocacy group Crypto Council for Innovation, or CCI, announced Jeng would become its chief global regulatory officer and general counsel in July 2022. She also previously worked in a similar role at the Circle- and Coinbase-founded Centre Consortium. According to a CCI spokesperson, Jeng will be testifying under her professorship rather than as a representative of the crypto advocacy group.

As a former regulator, I strongly believe in the important mission of regulators to protect consumers and ensure financial stability. But the recent wave of banking agency statements is worrying for the future of the US financial s…https://t.co/yCcKYoGL05 https://t.co/fcv3xoGtWq

— Linda Jeng (@LindaJeng1) February 3, 2023

U.S. lawmakers will be gathering to discuss events in the crypto space and potential regulatory solutions for the first time in two months following a hearing exploring the collapse of FTX. That Dec. 14 hearing featured testimony from Hollywood star and outspoken crypto critic Ben McKenzie, law professor Hilary Allen, Shark Tank star Kevin O'Leary and the Cato Institute’s Jennifer Schulp.

Related: Senate Banking Committee’s priorities for new Congress include crypto: Report

Former FTX CEO Sam Bankman-Fried was originally scheduled to appear at a House Financial Services Committee on Dec. 13, but he was arrested in the Bahamas before he could fulfill that promise. The exchange’s current CEO, John Ray, was the sole witness at the hearing, and later testified under oath at an FTX bankruptcy hearing on Feb. 6.

Cointelegraph reached out to the Crypto Council for Innovation and Linda Jeng, but did not receive a response at the time of publication.

Tags
Regulation
United States
Government
Senate
Politics
Related Posts
Elizabeth Warren compares 'bogus' crypto to 'legitimate' CBDCs in senate hearing
Democratic Senator Elizabeth Warren did not mince words when it came to criticizing crypto, but seemed to consider a federally-backed digital currency as a possible solution to address problems around financial inclusion in the United States. At a Wednesday session of the Senate Banking Committee discussing a U.S. government-backed central bank digital currency, or CBDC, Warren said the recent explosion in cryptocurrencies had helped many people understand the foundational technology on which digital currencies were based. However, she called crypto a “fourth rate alternative to real currency.” “Digital currency from central banks has great promise,” said Warren. "Legitimate digital public …
Regulation / June 9, 2021
Biden considering Gary Gensler for Deputy Treasury Secretary
With 55 days until his inauguration as President of the United States, Joe Biden is reportedly considering the former chairman of the Commodity Futures Trading Commission for a permanent position in his administration. According to a Nov. 25 report from CNBC, the president-elect is floating Gary Gensler for a position as Deputy Treasury Secretary starting in 2021. The report states that “people familiar with the matter” have mentioned Gensler as a likely candidate for the role. He would be working under former Federal Reserve Chair Janet Yellen, whom Biden is reportedly planning to nominate as Secretary of the Treasury. Yellen …
Regulation / Nov. 26, 2020
US lawmaker hints at upcoming crypto legislation as Jerome Powell says Fed will release report on digital currency soon
At his confirmation hearing in front of members of the Senate Banking Committee, Federal Reserve chair Jerome Powell said the agency would be releasing its report on cryptocurrencies “within weeks.” Addressing Idaho Senator Mike Crapo remotely from the Dirksen Senate Office Building on Tuesday, Powell said the Fed’s report on digital currencies wasn’t “quite where we needed to get it” but would be released soon regardless. The Fed chair cited “changes in monetary policy” as part of the reason for the delayed report, which is expected to address policy surrounding the possible rollout of a central bank digital currency in …
Regulation / Jan. 11, 2022
US Senate confirms Lael Brainard as Fed vice chair
After weeks of delays due, in part, to partisan obstructionism, the United States Senate has confirmed the nomination of Lael Brainard, a member of the Federal Reserve's board of governors, as the next vice chair of the central bank. In a 52–43 vote on the Senate floor on Tuesday, U.S. lawmakers confirmed Brainard a vice chair of the Federal Reserve for four years, potentially beyond her term as a governor ending in January 2026. Brainard was one of four nominees waiting for approval since Republican lawmakers in the Senate Banking Committee boycotted a February committee, which would have sent the …
Regulation / April 26, 2022
US Senate confirms Michael Barr as Fed vice chair for supervision
The United States Senate has confirmed the nomination of law professor Michael Barr to become the next vice chair for supervision for the Federal Reserve. In a 66-28 vote on the Senate floor on Wednesday, U.S. lawmakers confirmed Barr as vice chair for supervision of the Federal Reserve System for four years, filling the last seat on the seven-member board of governors. Barr, who was on the advisory board of Ripple Labs from 2015 to 2017, also served as the Treasury Department’s assistant secretary for financial institutions under former President Barack Obama and taught courses on financial regulation at the …
Regulation / July 13, 2022