Regulatory Outlook | 05.26.21
Washington Wakes Up to COVID-Fueled Investment Risks as Crypto, SPACs Tank
Lawmakers are calling for a crackdown amid concern that many small investors are about to be adversely affected by cryptocurrencies and special purpose acquisition companies (SPACs). Senate Banking Chair Sherrod Brown (D-OH) urged the Biden administration to stop issuing licenses to financial firms at the heart of cryptocurrency trading. Sen. John Kennedy (R-LA), meanwhile, is proposing the first bill to regulate SPACs that have no commercial operations but promise investors they will buy other firms to form conglomerates.
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