The guidance is intended to provide more clarity to systemically important stablecoin arrangements, or SAs, and relevant authorities, but is not intended to create new standards.
The Financial Stability Board today published a letter from Chairman Klaas Knot warning of global financial system vulnerabilities and providing an update on the group’s work in key areas.
Crypto-assets and markets must be subject to effective regulation and oversight equal to the risks they pose domestically and internationally.
Recent volatility has uncovered “serious vulnerabilities” in the crypto financial system that may require new regulation, Fed vice chair says.
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.