Connect with us

International

U.S. banking regulators seek clarity on crypto rules in 2022

Published

on

 


The Federal Reserve, the Federal Deposit Insurance Corporation (or FDIC) and the Office of the Comptroller of the Currency (OCC) have issued a joint statement announcing a plan to clarify the rules and regulations regarding how banks can use crypto. currencies over the next year (via Bloomberg).

The agencies say they are focused on setting expectations for what banks can do when it comes to holding crypto, allowing customers to get crypto, issue their own stablecoins (or cryptocurrencies that the value is tied to a fiat currency like the US dollar) and take crypto as collateral for loans and keep it on their balance sheets. According to the letter, the aim is to ensure that consumers are protected and that banks act responsibly. Regulators also say this is an attempt to ensure that the financial industry is not used to launder ill-gotten currency, something the Treasury Department has recently focused on.

The OCC has already taken steps in this direction on Tuesday, the acting controller issued a letter clarifying the decisions the office had made throughout 2020 and early 2021. Now, according to the letter, banks will have to apply. authorization to regional regulators before entering certain encryption fields.

Banks must now show they can handle crypto safely

Previously, the controller said banks were allowed to hold cryptocurrencies for customers as well as assets used to back up stablecoins. Banks have also been told they can use stablecoins and act as nodes on blockchain networks. While financial institutions will always be able to do these activities, they will need to be able to demonstrate to regulators that they can do so in a safe and responsible manner.

The announcements come as some crypto companies clash with regulators over the legal classifications their products fall under. Recently, Coinbase canceled its loan program after a public row with the Securities and Exchange Commission over whether what it was selling counted as securities (and therefore would come under stricter legal scrutiny). The Treasury also proposed that large cryptocurrency transfers be reported to the Internal Revenue Service and asked Congress to start regulating stablecoins.

Sources

1/ https://Google.com/

2/ https://www.theverge.com/2021/11/24/22800740/cryptocurrency-us-banking-regulation-clarification-financial-institutions-stablecoins

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]