Thee American Bankers Association said it supported the recommendations in two recent reports on establishing a proposed framework for the international regulation of cryptoasset activities, but the association also had some recommendations for what should be included in the final framework.
The New York Department of Financial Services today issued guidance—effective today—for New York-regulated banks reminding them of their obligations to seek prior approval before engaging in activities related to virtual currencies, including when engaging with a third-party to perform such activities.
Sens. Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) today introduced legislation to extend anti-money laundering and countering of the financing of terrorism requirements to cryptocurrency and digital assets.
The collapse of cryptocurrency exchange FTX and other recent turmoil in crypto markets demonstrate the need for players in the crypto industry to be regulated like banks, ABA President and CEO Rob Nichols and Better Markets CEO Dennis Kelleher said in a new op-ed for CNBC.
Amid significant volatility in the cryptocurrency markets, as well as an uptick in crypto-related frauds and scams, Acting Comptroller of the Currency Michael Hsu today praised the “quiet trustworthiness of banks,” and highlighted the OCC’s “careful and cautious” approach to crypto activities by national banks.
The collapse of cryptocurrency exchange FTX and the concerns about the unregulated nature of crypto markets dominated a Senate Banking Committee hearing today on financial industry regulation.
Consumers most commonly reported being victimized by fraud, theft, account hacks and scams.
Issuing digitized deposits and engaging in stablecoin-related activities fall within the existing legal authority of banks, according to a white paper published today by The Clearing House.
The illicit finance risks posed by digital assets can be most effectively managed by regulating nonbank cryptocurrency companies while allowing banks to engage more fully in digital asset activities, where they will be subject to comprehensive regulation and Bank Secrecy Act requirements, ABA said today in a letter to the U.S. Treasury Department.
Only two in five people see the U.S. lagging behind other countries in creating a regulatory environment that makes it easy or safe to buy or trade cryptocurrency, although a majority also believe there should be clearer industry regulation, according to a new survey by digital currency investment adviser Grayscale.