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.
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ABA: Digital asset regulation must support, not hinder private-sector innovation
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.
ABA, SIFMA ask SEC to delay effective date on crypto-asset bulletin
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.
ABA: Case not yet made for a U.S. CBDC
According to ABA, at present, a U.S. CBDC doesn’t solve a specific financial problem or respond to a pressing economic need.
McHenry discusses supply chain, crypto regulation at economic forum
Rep. McHenry (R-N.C.), ranking House Financial Services Committee member, said a well-regulated space is necessary for the digital asset/cryptocurrency ecosystem.
Podcast: How a CBDC would ‘fundamentally rewire our economy’
In a special bonus episode of the ABA Banking Journal Podcast, ABA’s Rob Morgan digs into the association’s comments on the Federal Reserve’s discussion paper on central bank digital currencies.
ABA: No compelling case exists for U.S. CBDC
The creation of a central bank digital currency “should only be pursued as a final option to meet clearly defined public policy goals that cannot be achieved through payments innovations that leverage existing digital dollars,” the American Bankers Association told the Federal Reserve in a comment letter.
GOP lawmakers skeptical on merits of CBDC in letter to Fed
A group of Republican lawmakers led by House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.) this week urged the Federal Reserve to carefully examine whether the benefits of creating a central bank digital currency would outweigh the risks of doing so.
Hsu advocates for bank-like regulation for stablecoins
Acting Comptroller of the Currency Michael Hsu called for establishing an “intentional architecture” for stablecoins that would focus on “stability, interoperability and separability,” and also take into account privacy, security and the need to prevent illicit finance.
Yellen calls for ‘appropriate oversight’ for digital asset, crypto firms
In a letter to FDIC-insured banks, the agency requested that any institution considering engaging in crypto-related activities provide notification to the appropriate FDIC regional director.