Switzerland’s largest bank, UBS, says regulators could be waiting a long time for Congressional action in the U.S. on crypto legislation. cryptocurrency bitcoin $BTC
Switzerland’s largest bank, UBS, expects the United States Congress to take a long time to pass cryptocurrency legislation despite mounting interest in crypto investments and regulators calling for Congress to weigh in on crypto legislation.The largest bank in Switzerland, UBS, published its view on U.S. crypto legislation Friday after the House of Financial Services Committee held a lengthy hearing on the regulation of cryptocurrencies and stablecoins last week.
“To fill in regulatory gaps and address financial stability concerns, the regulators would like Congress to develop legislation that regulates stablecoin issuers as banks,” the UBS team detailed, noting that this proposal has received pushback from some lawmakers. The UBS team further detailed: “Regulators could be waiting a long time for Congressional action and in the meantime will need to grapple with these issues using the limited and imperfect authorities they already have.”
In August last year, U.S. Senator Ted Cruz slammed his colleagues in Congress for trying to regulate crypto without an understanding of what it is.