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American politician wants to demand Proof of Reserves from brokerage houses



American politician wants to demand Proof of Reserves from brokerage houses

At a press conference last Monday (5), American politician Richie Torres (Democrat) announced two crypto laws that would bring transparency to a volatile industry after the FTX crash.

As a Representative for New York’s 15th District and entering his second term, Torres was a strong supporter of crypto adoption, writing an op-ed for the New York Daily News in March arguing that crypto could help his voters by lowering fees and slowing growth. . traditional financial system, including international money transfers.

Richie Torres

The two bills, named the Cryptocurrency Consumer Protection Act and the Cryptocurrency Brokers Disclosure Act, will address the factors that led to the collapse of FTX and the potential loss of billions of dollars in user funds, including requirements for exchanges prove and publish your assets and liabilities (Proof of Reservations), as well as a ban on brokers lending, using or mixing user funds without consent.

“Sam Bankman-Fried is no more a spokesman for crypto finance than Bernie Madoff is representative of traditional finance,” Torres said. “Cryptocurrency has a place in the American economy, but it needs to be carefully regulated.”

Torres was joined by representatives of Bronx Crypto, a company that organizes and provides educational tools for local investors, including its co-founder Julio Barrios, who told Luck who has another $1,000 stuck on FTX US.

Torres’ bills join a wide array of crypto laws, including the Senate Agriculture Committee’s Digital Goods Consumer Protection Act. During the FTX hearing last week, the committee announced that it would stop reviewing the language of the bill.

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Torres is on the House Financial Services Committee, which will be chaired by Patrick McHenry (R-R) in the next session of Congress. Along with current President Maxine Waters (Democrat), McHenry drafted her own cryptocurrency legislation – the Stablecoin Bill – although sources familiar with the issue say it is still under discussion and will likely be moved to the next session.

Torres said he believes his bills can work alongside any stablecoin legislation, arguing that the need for transparency exists for stablecoins as much as it does for exchanges. He said that there are good players in the stablecoin space, including Circle and Paxos, but emphasized leashwhich is issuing the largest stablecoin by market capitalization, as the company that worries him.

Torres did not give a date for the start of discussions on his bill, citing a change in the leadership of the House of Representatives.

Despite his condemnation of FTX, Torres has mentioned the troubled exchange in recent articles. On November 29, Blockworks reported that Torres received Bankman-Fried-related campaign funds but donated them to charity.

On November 23, American Prospect reported that Torres was part of a group of eight members of the House of Representatives who wrote a letter to SEC Chairman Gary Gensler questioning the agency’s authority to send unofficial inquiries to crypto and blockchain companies, including FTX.

In response to a question from Fortune, Torres said it was a misinterpretation of the letter, arguing that it was about voluntary requests for information about unregulated companies.

“It’s not unusual for Congress to ask an agency to allocate its resources efficiently,” Torres said. “I would argue that the SEC misplaced its priorities because it spent more time investigating Kim Kardashian than Sam Bankman-Fried.”

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Translated and adapted from Fortune Crypto.

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The dollar continues to reflect the political scenario



The dollar continues to reflect the political scenario

Yesterday, financial agents evaluated the opposite decision of the Federal Supreme Court (STF) regarding the so-called secret budget. In addition, a decision was made by STF Minister Gilmar Méndez to issue an injunction that would exclude the Bolsa Família from the spending cap rule, with investors trying to understand how this measure would affect the processing of the transitional PEC in the Chamber of Deputies. Oh this PEC!!!!

Since he is an exchange investor, any reading that the budget will be exceeded or become more flexible will negatively affect the exchange market, whether through the PEC or in any other way. We will continue with volatility today.

Looking beyond, the US Central Bank (Fed), although slowing down the pace of monetary tightening at its December meeting, issued a tougher-than-expected statement warning that its fight against inflation was not yet over, raising fears that rising US interest rates will push the world’s largest economy into recession.

The currency market continues to react to political news. The voting on the PEC is saved for today. It is expected that it will indeed be reviewed to open the way tomorrow for discussions on the 2023 budget.

Yesterday, the spot price closed the selling day at R$5.3103.

For today on the calendar we will have an index of consumer confidence in the eurozone. Good luck and good luck in business!!

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Andrés Sánchez consults with the Ministry of Sports, but refuses a political post.



The former president of the Corinthians dreams of working for the CBF as a national team coordinator. He was consulted shortly after Lula’s election.

Former Corinthians president Andrés Sánchez was advised to take a position in the Ministry of Sports under the administration of Lula (PT). However, he ruled out a return to politics. dreams of taking over the coordination of CBF selectionHow do you know PURPOSE.

No formal invitation was made to the former Corinthian representative, only a consultation on a portfolio opportunity with the new federal government, which will be sworn in on January 1, 2023.

Andrés was the Federal MP for São Paulo from 2015 to 2019. At that time he was elected by the Workers’ Party. However, the football manager begs to stay in the sport, ruling out the possibility of getting involved in politics again.

Andrés Sanchez’s desire is to fill the position of CBF tackle coordinator, which should become vacant after the 2022 World Cup. Juninho Paulista fulfills this function in Brazil’s top football institution.

The former president of Corinthians was in Qatar to follow the World Cup along with other figures in Brazilian football. During his time in the country, he strengthened his ties with the top leadership of the CBF.

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The EU has reached a political agreement on limiting gas prices – 19.12.2022



Germany sentenced Russian to life imprisonment for political murder by order of Moscow - 12/15/2021
BRUSSELS, DECEMBER 19 (ANSA). European Union countries reached a political agreement on Monday (19) to impose a natural gas price ceiling of 180 euros per megawatt hour (MWh). The main sources of income for Russia and the minimization of the use of energy as a weapon by the regime of Vladimir Putin.

The agreement was approved by a supermajority at a ministerial meeting of member states in Brussels, Belgium, after months of discussions about the best way to contain the rise in natural gas prices in the bloc caused by Russia’s invasion of Ukraine. .

The value set by the countries is well below the proposal made by the European Commission, the EU’s executive body, in November: 275 EUR/MWh. However, the countries leading the cap campaign were in favor of an even lower limit, around 100 EUR/MWh.

Germany, always wary of price controls, voted in favor of 180 euros, while Austria and the Netherlands, also skeptical of the cap, abstained. Hungary, the most pro-Russian country in the EU, voted against.

The instrument will enter into force on 15 February, but only if natural gas prices on the Amsterdam Stock Exchange exceed 180 euros/MWh for three consecutive days. In addition, the difference compared to a number of global benchmarks should be more than 35 euros.

Italy, the EU’s biggest supporter of the ceiling, has claimed responsibility for the measure. “This is a victory for Italy, which believed and worked for us to reach this agreement,” Environment and Energy Minister Gilberto Picetto tweeted.

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“This is a victory for Italian and European citizens who demand energy security,” he added.

Currently, the gas price in Amsterdam is around 110 EUR/MWh, which is already a reflection of the agreement in Brussels – in August the figure even broke the barrier of 340 EUR/MWh.

However, Russia has already threatened to stop exports to countries that adhere to the ceiling. (ANSA).

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