Cryptocurrency
The Federal Reserve has outlined the process state member banks must follow before issuing, redeeming or holding stablecoins. The agency also says it will create an examination process to monitor novel activities.
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Regulators remain skeptical toward digital assets in the wake of major crypto-industry partner-bank failures, but in the absence of legislative direction, oversight of crypto is largely left to the Securities and Exchange Commission. The SEC's approach has been aggressive, but its authority has been muddied by recent court decisions.
August 2 -
Bank of New York Mellon didn't think it would need to record on its balance sheet digital assets held in custody when it asked the New York State Department of Financial Services for permission to offer the service, according to a filing obtained by American Banker. The SEC has since said otherwise.
June 28
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Understanding the different aspects of new technologies and how they extend existing financial systems is essential for fostering a healthy relationship between banking and emerging innovations.
June 19 -
A study from Surfshark found that crypto scams cost their victims about five times as much money as losses from other cybercrimes.
June 7 -
A recent study looked at government-backed virtual currency.
May 9 -
The Office of Financial Research — a Treasury agency tasked with examining sources of systemic financial risk — published a report that found that full integration of a central bank digital currency could hurt banking-sector stability but offers significant benefits for consumers.
March 22 -
The FDIC named Greg Carmichael, who retired last year as CEO of Fifth Third Bancorp, to run a bridge bank that will hold Signature's deposits and most of its assets.
March 12 -
The Supreme Court's insistence that Congress expressly authorize regulatory action on 'major questions' is destined to run afoul of the administration's efforts to set rules of the road for cryptocurrency.
March 7 -
AB - TechnologyMore regulated institutions serving crypto-related businesses would lead to more safety and soundness overall, many experts argue.
February 13
