Treasury

The U.S. Treasury Department issued a request for comment relating to President Joe Biden’s March 2022 executive order which called for a “whole-of-government” approach to developing and regulating digital assets.

Read on for more details.

Read on »

The United States Department of Treasury is working on measures to contain risk associated with unhosted crypto wallets and cryptocurrency exchanges. The Treasury is concerned about Bank Secrecy Act compliance issues derived from the anonymity of crypto technology.

Treasury Deputy Secretary Wally Adeyemo spoke on this topic at the 2022 Consensus Conference.

Read on for more details.

Read on »

The Department of Justice has continued its efforts to hold to account individuals and organizations that engaged in fraud relating to COVID-19 relief funds. This includes a man convicted of a $4.1 million fraud scheme, and a real estate developer who was indicted by grand jury in Oregon.

Read on for more details.

Read on »

Treasury Secretary Janet Yellen provided testimony to the Senate Committee on Banking, Housing, and Urban Affairs regarding the Financial Stability Oversight Committee (FSOC). She spoke about cryptocurrency, Russian sanctions, access to healthcare, the post-pandemic economy and cybersecurity.

Republicans on the committee were critical of what they considered the FSOC’s pursuit of a political agenda instead of focusing on “real risks” to the economy.

Read on for more details.

Read on »

Stablecoins, a variety of cryptocurrency anchored to or backed by a real-world asset to maintain its value, are believed to be a significant part of the long-term future of cryptocurrency usage.

However, one stablecoin, TerraUSD, which was anchored to the value of the U.S. dollar, recently saw a near-total loss in value which has put the longevity and legitimacy of stablecoins into question.

Read on for more details.

Read on »

Less than a month after President Joe Biden signed an executive order directing the executive branch of the federal government to assess the potential risks and benefits of a central bank digital currency (CBDC), members of Congress have begun acting in response.

While Democrat members of Congress are looking to support the president’s push for a CBDC, their Republican counterparts are pushing new legislation to limit the federal government’s ability to create a digital currency.

Read on for more details.

Read on »

Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) are developing bipartisan legislation designed to establish a regulatory framework for the crypto industry. The senators are trying to address safety and consumer protection concerns while providing stability and oversight to the digital asset markets.

Treasury Secretary Janet Yellen has also spoken publicly for the first time about the role Treasury will take in the future crypto regulatory framework; and SEC Chair Gary Gensler continues his efforts to expand investor protections in the crypto markets.

Read on for more details.

Read on »

The Government Accountability Office (GAO) has published a report on the progress federal agencies and regulators have made to increase access to banking services to those that are historically underserved.

The report endeavored to determine why these groups, who historically have seen less access to banking services, continue to face limitations to accessibility, affordability, and use of banking services.

Read on for more details.

Read on »

President Biden signed an executive order directing federal agencies to examine the legal and economic ramifications of creating a U.S. central bank digital currency (CBDC). The order sets a 180-day deadline for a series of reports on “the future of money.”

Read on for more details.

Read on »

Amalgamated Financial decided to terminate its application for regulatory approval to acquire Amalgamated Bank of Chicago. In a statement from the board of directors, the inability to garner regulatory approval was cited as the reason for this termination.

Read on for more details.

Read on »