ABA: Proposed cryptoasset reporting standards mostly positive
ABA said it was generally pleased with a proposal by the Financial Accounting Standards Board to revise accounting standards to require certain cryptoassets be measured at fair value.
Browsing: Digital assets
Survey: Public either unaware or skeptical of central bank digital currency
Most Americans have not formed an opinion on whether the Federal Reserve should offer a central bank digital currency, but among those that have, an overwhelming majority oppose it, according to a recent survey by the Cato Institute.
ABA: Stablecoin issuers need to be regulated like banks
Stablecoin issuance is a monetary exercise comparable to what regulated banks do and should be supervised accordingly to ensure financial stability and consumer protection, ABA said in a statement to the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion.
ABA: Draft stablecoin regulatory framework needs further tuning
Proposed legislation to establish a federal regulatory framework for stablecoins has merits but also contains several significant flaws, particularly in its handling of nonbank entities, ABA said.
Treasury report recommends more BSA enforcement for ‘DeFi’ sector
Many existing decentralized finance services covered by the Bank Secrecy Act fail to comply with anti-money laundering and counter-terrorism financing obligations, which illicit actors exploit, according to a new Treasury Department report on illicit finance risks in the DeFi sector.
ABA, BPI weigh in on White House effort to set digital asset R&D priorities
“Banks continue to lead the way in responsible innovation in the financial services sector while nonbank crypto firms continue to collapse,” ABA and BPI wrote.
Podcast: Top bank tech and innovation trends for 2023
What’s on the horizon for bank innovation and fintech in 2023? ABA’s Office of Innovation team explores top tech trends for the year ahead.
NYDFS to require prior notification for banks engaging in crypto activities
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.
Fed’s Waller: U.S. CBDC comes with ‘costs and risks’
Waller is “highly skeptical” that there is a compelling need for the Fed to create a central bank digital currency.
FSOC urges lawmakers to develop ‘comprehensive’ stablecoin regulatory regime
A new report from the Financial Stability Oversight Council today warned of the dangers that cryptocurrencies and other digital assets “if their interconnections with the traditional financial system or their overall scale were to grow without adherence to or being paired with appropriate regulation.”