Washington, Feb 28 (IANS) US banking regulators defended sweeping efforts to recalibrate capital rules and formalise crypto oversight as senators clashed over Basel reforms, political “debanking” and consumer safeguards in a hearing with global implications for capital flows and digital finance.Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Scott said regulation must focus strictly on financial risk.“No law — no lawful business in Anderson, South Carolina or anywhere in…
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Washington, Feb 13 (IANS) A fierce debate over the future of US crypto regulation unfolded on Capitol Hill as senators clashed over whether the Trump administration’s Securities and Exchange Commission is easing enforcement while pushing for a new statutory framework to bring clarity to digital asset markets.SEC Chairman Paul S. Atkins on Thursday defended a pivot away from what Republicans described as “regulation by enforcement” under the previous administration and towards clearer statu…
Washington, Feb 6 (IANS) The US Treasury is betting that stablecoins backed by government securities can strengthen the global role of the dollar, with Treasury Secretary Scott Bessent defending new legislation on digital assets before Congress.Testifying before the Senate Banking Committee, Bessent praised the GENIUS Act, which requires stablecoins to be backed by high-quality liquid assets such as US Treasuries.“This framework has the potential to expand dollar dominance, increase global dem…
Washington, Feb 6 (IANS) A sharp partisan clash over inflation, bank regulation and financial stability dominated a Senate Banking Committee hearing on as Treasury Secretary Scott Bessent defended the administration’s economic record and the Financial Stability Oversight Council’s 2025 annual report.Stressing growth and affordability, Committee Chairman Tim Scott warned against policies that burden households. “A system that slows growth, limits opportunity or prices families out of basic …
Washington, Feb 6 (IANS) Treasury Secretary Scott Bessent has told lawmakers that economic growth and household security are now central to safeguarding the financial system.Testifying before the Senate Banking Committee on Thursday, Bessent said the Financial Stability Oversight Council (FSOC) has moved away from what he called a reflexive approach to regulation. “Promoting economic growth and economic security is essential to ensuring financial stability,” he said.The hearing marked the fi…