US Senator Sherrod Brown Urges CFTC, SEC and Treasury Secretary to Enhance Crypto Transparency The chair of the Senate Banking Committee,
Sherrod Brown has urged key federal agencies to use their existing authority to address concerns within the cryptocurrency industry and enhance transparency to protect investors.
Brown sent a letter to three pivotal figures
in the U.S. financial landscape: Treasury Secretary Janet Yellen, Securities and Exchange Commission (SEC) Chair Gary Gensler, and
Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam.
He emphasized the importance of assessing their current authorities and leveraging them to target deficiencies observed in digital asset tokens and platforms. The letter has more significance given the context that Senator Brown
has ultimate power over crypto’s congressional destiny.
The senator's concerns revolve around
the lack of self-policing within the cryptocurrency industry, arguing that opacity
benefits insiders, sponsors, and executives. He asserted that inadequate disclosures
persist because it is more profitable when customers are left in the dark.
