Ranking member

The IIA Shares New Legislative Proposal with Congress to Strengthen Corporate Governance of Cryptocurrency Exchanges and Protect Investors

Retrieved on: 
Thursday, May 4, 2023

LAKE MARY, Fla., May 4, 2023 /PRNewswire/ -- The Institute of Internal Auditors (IIA) – the internal audit profession's leader in standards, certifications, education, research, and technical guidance worldwide – today shared a legislative proposal with Congress designed to promote stronger corporate governance, greater transparency and accountability, and enhanced investor protections at cryptocurrency exchanges operating in the United States.

Key Points: 
  • LAKE MARY, Fla., May 4, 2023 /PRNewswire/ -- The Institute of Internal Auditors (IIA) – the internal audit profession's leader in standards, certifications, education, research, and technical guidance worldwide – today shared a legislative proposal with Congress designed to promote stronger corporate governance, greater transparency and accountability, and enhanced investor protections at cryptocurrency exchanges operating in the United States.
  • The proposed legislation comes on the heels of an IIA letter calling on Congress to strengthen corporate governance of cryptocurrency exchanges following the collapse of FTX and subsequent outreach by the organization to help shape their policy recommendations.
  • "The IIA conducted numerous meetings with congressional staff and external stakeholders to determine the appropriate role that internal audit could serve in potential policy solutions that Congress might consider regarding the lack of sufficient investor protections and corporate governance safeguards at cryptocurrency exchanges," Pugliese writes.
  • For consideration and inclusion in any future policy solutions, The IIA included specific legislative language for each of the four recommendations, as well as the rationale for the proposals.

The IIA Calls Upon Congress to Require Cryptocurrency Exchanges Operating in the U.S. to Strengthen Corporate Governance

Retrieved on: 
Monday, December 5, 2022

"Unfortunately, since most cryptocurrency exchanges are not subject to SOX compliance, consumers were denied basic organizational transparency and did not possess relevant information to assess investment risk," Pugliese wrote.

Key Points: 
  • "Unfortunately, since most cryptocurrency exchanges are not subject to SOX compliance, consumers were denied basic organizational transparency and did not possess relevant information to assess investment risk," Pugliese wrote.
  • Require the senior management of cryptocurrency exchanges operating in the U.S. to certify, annually, that their exchanges' internal controls are adequate and appropriate based upon an independent internal audit assessment.
  • The IIA notes in its letter that these recommendations are an important step in establishing greater confidence in the cryptocurrency market.
  • Established in 1941, The IIA is recognized throughout the world as the internal audit profession's leader in standards, certification, education, research, and technical guidance.

NATSO, SIGMA Urge Lawmakers to Extend Biodiesel Tax Credit in Budget Reconciliation

Retrieved on: 
Monday, September 20, 2021

"We urge you to oppose policies that would result in higher costs for fewer environmental benefits," the letter states.

Key Points: 
  • "We urge you to oppose policies that would result in higher costs for fewer environmental benefits," the letter states.
  • "If Congress provides special tax treatment for sustainable aviation fuel, it would disrupt and eventually eliminate the market for biodiesel and renewable diesel.
  • Renewable diesel and renewable jet fuel are key tools in decarbonizing the diesel and aviation sectors and reaching climate goals.
  • If Congress grants a higher tax credit for sustainable aviation fuel, ultimately a lower volume of renewable fuel would be available to displace existing fossil fuels, LMC concludes.