Whatever the specifics, we can be certain that every business that deals with virtual currencies will be affected as well.
In remarks at an industry event today, Acting Comptroller of the Currency Michael Hsu called for coordination between regulatory agencies to address the significant changes that are taking place in the banking industry, particularly those related technology, payments and the rise of cryptocurrencies and decentralized finance.
In a letter to the Basel Committee on Banking Supervision today, the American Bankers Association said that the global financial system will benefit from the transparency of supervised financial institutions’ involvement in the cryptoasset market, rather than risking driving the market outside the banking system.
The Federal Reserve today published a paper highlighting how community banks can partner effectively with fintech companies.
Banks of all sizes are hearing from many customers that they want exposure to the fast-growing but volatile cryptocurrency market. Vast Bank recently became the first nationally chartered, FDIC-insured bank to offer crypto banking.
A U.S. central bank digital currency “is unlikely to be an equally effective tool for all of the purposes for which it has been advanced, or even to be effective for some stated purposes at all,” the Clearing House said in a paper published today.
As consumers increasingly buy, hold and sell digital assets, the American Bankers Association told the FDIC today that these individuals “are best served when they can do so through banks that are subject to rigorous oversight and supervision.”
Testifying before the Senate Banking Committee today, Federal Reserve Chairman Jerome Powell said that he is “legitimately undecided about whether the benefits outweigh the costs” of creating a central bank digital currency.
The American Bankers Association today released a report on cryptocurrency for bankers that discusses its origins, uses, technological underpinnings and the industry surrounding it.
Cautioning against “American susceptibility to boosterism and fear of missing out” leading to “occasionally impetuous, deluded crazes or fads,” Federal Reserve Vice Chairman for Supervision today raised several concerns about the purported benefits and “considerable risks” of developing a U.S. central bank digital currency.