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.
Browsing: Digital assets
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.”
Treasury seeking feedback on AML/CFT implications of digital assets
The Treasury Department is seeking public input regarding illicit finance and national security risks posed by digital assets.
CDIAC members discuss economic conditions, top policy issues
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.
ABA urges regulatory clarity, parity for developing digital assets
Oversight and supervision should be applied to banks and nonbanks engaged in digital asset activities alike to ensure all customers are protected equally.
Treasury solicits public input on digital asset development
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.
Yellen reiterates need for consistent regs on stablecoins
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.
Basel tweaks proposed cryptoasset treatment, adopts certain ABA recommendations
The Basel Committee on Banking Supervision today issued its second consultation on the regulatory treatment of digital assets, including cryptocurrencies.