Resources on the Banking Industry’s Next Chapter

The Council voted to approve the report in response to Section 6 of President Biden’s Executive Order 14067, “Ensuring Responsible Development of Digital Assets.”

Digital assets present potential opportunities to reinforce U.S. leadership in the global financial system and remain at the technological frontier.

The Fed said in a statement that while cryptocurrencies could present “potential opportunities” to banks.

Chairman Harper’s letter says distributed ledger technologies are OK if they stay within existing regulations and safety limits.‍

The FTX US model would directly custody the margin from retail customers and liquidate positions held by the exchange on a 24-7-365 basis.

The bulletin expresses the views of the staff regarding the accounting for obligations to safeguard crypto-assets.

The OCC took this action based on the bank’s failure to implement a compliance program.

California becomes the first state to begin creating a comprehensive and harmonized framework for web3.

The statement sets forth the Commission's position that, for a period of five years, a broker-dealer operating under the circumstances set forth in the statement will not be subject to a Commission enforcement action.

The newly renamed Crypto Assets and Cyber Unit in the Division of Enforcement will grow to 50 dedicated positions.

The guidance is not representative of new law, but an affirmation that state-chartered banks are allowed to provide crypto custody services as long as there are adequate protocols in place.

With DFS Approval, PayPal Partners with New York State Chartered Paxos to Engage in Virtual Currency Business Activities.

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The Staff of the Division of Investment Management issued the statement following the publication of a recent letter by the Wyoming Division of Banking regarding the definition of "bank" and "qualified custodian".

The Banks recommended that CBDCs compliment — but not replace — cash and other forms of legal tender, and that they don’t harm monetary and financial stability.

The Digital Commodity Exchange Act of 2020 would create a single, national regulatory framework for cryptocurrency trading platforms, including those that trade bitcoin, ether, and other cryptocurrencies.