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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.
Waller is “highly skeptical” that there is a compelling need for the Fed to create a central bank digital currency.
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.”
The Treasury Department is seeking public input regarding illicit finance and national security risks posed by digital assets.
Current banking conditions remain “mostly stable, but there are concerns over the longer term given current economic conditions,” members of the Federal Reserve’s CDIAC said during a meeting that took place earlier this year, according to newly published minutes.
Oversight and supervision should be applied to banks and nonbanks engaged in digital asset activities alike to ensure all customers are protected equally.
The request follows an executive order directing agencies to report on the implications of the development and adoption of digital assets, as well as changes in financial market and payment infrastructures.
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.