Global Watchdog FSB To Address Stablecoin-Related Risks With Surveillance Ove...
Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, has reportedly vowed to address the evolving threats from private finance and the growing use of stablecoins. Related Reading: Bitcoin Meets Rock ‘N Roll: Decoding Michael Saylor’s “Don’t Stop Believin’” Tweet Global Watchdog Plans Surveillance Overhaul On Monday, […]
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The Financial Action Task Force (FATF) has released updated draft crypto guidelines. A review of the changes highlights recommendations to increase the mass surveillance of users. The greatest fear of regulatory overreach is that it will stifle innovation and deter privacy-conscious investors from participating. Crypto Under The Spotlight FATF is a global financial watchdog that […]
Campaign for Accountability (CfA), a non-profit ethics watchdog organization, has written a letter to popular anti-crypto US senators Elizabeth Warren and Sherrod Brown, alerting them to possible links of Circle, the USD Coin (USDC) stablecoin issuer, to terrorist financing activities. Related Reading: Circle Reportedly Considers 2024 IPO With Support From BlackRock Circle Compromised By Integration […]
The recent passage of the GENIUS Act, which marks the first stablecoin legislation in the United States, has sparked considerable interest among crypto investors. However, leading banking associations across the country have raised alarms about potential vulnerabilities in the law that could pose risks to the financial system. Alleged Risks In New Stablecoin Legislation In […]
The Financial Action Task Force (FATF) has published a paper looking into the money laundering and terrorism financing risks involved with digital currencies. FATF is an independent intergovernmental organisation tasked with developing policies to combat money laundering (AML) and terrorism financing (CTF). The organisation further maintains a blacklist, which highlights jurisdictions that refuse to address these issues. In addition, the FATF issues recommendations for AML and CFT, which must be followed in order to stay off the blacklist. The FATF paper, titled 'Virtual Currencies - Key....
Consumers have been warned by a federal watchdog about the risks of using cryptocurrencies like Bitcoin. The CPFB (Consumer Financial Protection Bureau) recently said that it will start gathering complaints from people who use products like Bitcoin and online exchanges. The agency released an advisory mentioning that digital currencies are not supported by the government; furthermore, they have volatile exchange rates and are often targeted by scammers and hackers. Unlike bank accounts, deposits that are Bitcoin-based are not federally insured. Bitcoin advocates agreed to CFPB's....