US Congress Members Unveil Game-Changing Crypto Bill Proposal

• US lawmakers have drafted legislation targeting bank executives in response to the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank.
• The proposed laws include measures to ban bank executives from working in the sector in the future and impose fines if they “negligently contribute to the failure of their banks.”
• However, the legislation does not specifically mention cryptocurrency or blockchain technology.

US lawmakers have proposed legislation targeting bank executives in response to the collapse of several major banks, although the draft laws do not specifically mention cryptocurrency. The Democrats behind the proposed legislation aim to address failures at big banks by introducing a series of bills in the United States House Financial Services Committee.

US Lawmakers Target Bank Failures

In a June 21 announcement, Maxine Waters stated her support for 11 bills prepared in response to the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank in the United States. However, the proposed legislation has not yet been submitted for approval by committee members.

The proposed legislation includes measures to ban bank executives from working in the sector in the future and impose fines if they “negligently contribute to the failure of their banks.” However, the proposed laws do not specifically mention cryptocurrency or blockchain technology.

Among the current draft bills are measures to grant authority to ban bank executives from selling stock under certain conditions, expand banks’ stress test requirements, and limit bonus payments to bank executives.

Maxine Waters has previously called for cooperation between government agencies and lawmakers on crypto regulations. However, no specific emphasis was placed on crypto regulations in the proposed legislation.