US Federal Regulators To Review State-Level Stablecoin Frameworks Under GENIU...
US federal regulators are set to review state regulations of stablecoins to “even out” rules across jurisdictions under the new federal regulatory framework for the sector, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. Related Reading: South Korea Set To Unveil New Stablecoins Framework In October State-Level Stablecoin Rules To Face Federal […]
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Patrick McHenry implied that the U.S.' regulation of stablecoins with a “single regulator at the federal level” would likely fail. Whether regulations on stablecoins and digital assets should be addressed at the state or federal level was the topic of discussion among at least two U.S. lawmakers in a hearing for the House Committee on Financial Services.Speaking virtually at a Tuesday hearing titled “Digital Assets and the Future of Finance: The President’s Working Group on Financial Markets’ Report on Stablecoins,” North Carolina Representative and ranking committee member Patrick McHenry....
A member of the Federal Deposit Insurance Corporation (FDIC) and three state-level regulators discussed blockchain technology at a panel today centered on the future of US FinTech policy. Held at the Blockchain & Distributed Ledger Technology Conference in New York City, the panel provided a window into the complicated series of exchanges – ranging from state-level interactions with citizens to potential top-level federal regulation – that are influencing this discussion. FDIC associate counsel Adriana Rojas said that while her agency wants to take a leadership position, its....
The U.S. Federal Reserve Board has finalized tiered guidelines for granting Federal Reserve accounts, with Wyoming’s crypto banks likely to fall under the most scrutiny. The United States Federal Reserve Board announced Monday that it had finalized its guidelines for the factors reserve banks are to consider when reviewing requests for Federal Reserve accounts and payment services. The guidelines create a three-tiered review framework with the level of due diligence to be provided, depending on the applicant’s risk level. Guidelines were first proposed in May 2021, with a supplemental....
My name is Marco Santori. I'm a business attorney for technology companies. In particular, I represent digital currency businesses. I am also the Chairman of the Bitcoin Foundation's Regulatory Affairs Committee. In this multi-part series, I will give a basic primer on the state of US law as it applies to digital currency entrepreneurs. I aim to help bitcoin businesses assess their risks and develop an informed business model. In Part I, we covered the law of money transmission on the federal level in the United States. We learned about the BSA, AML and KYC. We learned why money....
Under President Donald Trump’s second term in the White House, the past few months have seen significant progress on crypto and specifically stablecoin legislation, with key industry players promising a significant shift from the previous administration’s approach. One key voice joining the support for pro-stablecoin legislation is Ivan Soto-Wright, CEO of MoonPay, who advocates for […]