In a joint letter, ABA and three financial services trade associations asked the Securities and Exchange Commission to revisit a two-year-old agency policy on safeguarding cryptoassets.
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FinCEN issued an analysis finding an increase in Bank Secrecy Act reports about the use of convertible virtual currency for online child sexual exploitation and human trafficking.
Lawmakers on the House Financial Services Committee pressed Treasury Secretary Janet Yellen about proposed capital standards for certain banks, saying they worried about the broader economic effects of the rulemaking.
Policymakers should identify and evaluate the range of potential policy responses to the risks posed by decentralized finance, or DeFi, according to a report by a Commodity Futures Trading Commission advisory committee.
The FDIC board voted in favor of a final rule to modernize requirements regarding the display of the official FDIC sign in banks and bank digital channels, with an emphasis on ensuring consumers can easily differentiate between those products that are covered by deposit insurance and those that are not.
Regulators should be concerned that a stablecoin integrated with traditional financial services would introduce a new risk to deposit safety and, more broadly, financial stability.
The OCC’s current financial technology focus includes bank and fintech partnerships, artificial intelligence, digital assets and tokenization, as well as other new technologies and business models.
For central bank digital currencies to be a reliable means of payment, central banks should address the risks of interruptions or disruptions and ensure integrity and confidentiality, according to a report by the Bank for International Settlements.
The FDIC’s lack of clear guidance for digital assets creates uncertainty for financial institutions in determining the appropriate actions to take in adopting and safeguarding the technology, the agency’s Office of Inspector General concluded in a new report.
Stablecoins and other digital assets pose risks to consumers and the U.S. banking system, so the providers of those services should be held to the same standards as banks, Federal Reserve Governor Michelle Bowman said.