After several weeks of upheaval in the cryptocurrency market—including prominent stablecoins like TerraUSD and USDD breaking their U.S. dollar pegs—Treasury Secretary Janet Yellen reiterated her call for a regulatory framework for stablecoins.
The Basel Committee on Banking Supervision today issued its second consultation on the regulatory treatment of digital assets, including cryptocurrencies.
As U.S. policymakers consider how to regulate digital asset technologies, ABA called on them to “remain vigilant and deliberate” to “ensure that our regulatory environment supports innovation rather than overregulating or replacing private sector innovators” in a comment letter to the Commerce Department.
Powell added that he does not foresee a recession in the near term, emphasizing the strong economy and businesses “in good shape.”
Sens. Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) today introduced the Responsible Financial Innovation Act—a bill that would create a regulatory framework for digital assets.
Amid the growing ownership of digital assets like cryptocurrencies, the American Bankers Association and the Securities Industry and Financial Markets Association on Friday asked the Securities and Exchange Commission to provide key clarifications and delay the effective date of its staff accounting bulletin on crypto assets.
Rep. McHenry (R-N.C.), ranking House Financial Services Committee member, said a well-regulated space is necessary for the digital asset/cryptocurrency ecosystem.
Nearly 8 in 10 U.S. households surveyed in late 2021 said they were “doing OK” or “living comfortably,” according to the Federal Reserve’s annual Report on the Economic Well-Being of U.S. Households released today.
A group of Republican lawmakers led by House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.) this week urged the Federal Reserve to carefully examine whether the benefits of creating a central bank digital currency would outweigh the risks of doing so.
The Securities and Exchange Commission is adding 20 positions to the unit responsible for protecting investors in crypto markets and from cyber-related threats.