Controversial plan for Venezuela to issue provided oil Petro cryptocurrency has caused controversy and debate in the us Senate this Tuesday.
At a hearing in the Senate Committee on banking, housing and urban Affairs, which started at 10 am Eastern standard time, the head of the CFTC George. Christopher Giancarlo (J. Christopher Giancarlo) and the head of the SEC, Jay Clayton (Jay Clayton) discussed a number of issues, including the opportunities that will be provided by their Commissions, in connection with the new laws.
However, the most active discussion started when talking about Venezuela and the statements of President Nicolas Maduro, who said that the country will use its own crypto currency Petro to bypass the US sanctions. In this regard, the Senator of new Jersey Bob Menendez (Bob Menendez) asked representatives of both Commissions, whether they are in any way to combat the use of cryptocurrencies with the purpose of circumventing sanctions. He also noted that Russia plans to follow the example of Venezuela.
Clayton and Giancarlo in fact avoided the answer to this question, but the latter stated that the CFTC «will not hesitate» to act if a cryptocurrency will be used to defraud American consumers. «We are definitely going to watch it», he said.
Menendez had previously expressed in relation to the Venezuelan plan in a letter to the Ministry of Finance in January of this year, which was written in conjunction with the Senator of Florida Marco Rubio (Marco Rubio).
«We have serious doubts as to whether Venezuela can run cryptocurrency» — they wrote at the time. «But despite this, it is essential that the Ministry of Finance had the tools and mechanisms to combat the use of cryptocurrencies with the purpose of circumventing US sanctions in General and in this case in particular.»