Digital Asset Insiders Comment on FSOC Report
The
US Department of Treasury has published the annual FSOC report. The
Financial Stability Oversight Council convenes every year to review potential systemic risks to the financial services industry. FSOC members include the top financial services regulators including the SEC, the Fed, the OCC, etc. There are also non-voting members that participate in an advisory capacity including representatives from the states.
As was reported earlier today, the report addresses the Fintech sector with much written about the emerging digital assets (cryptoassets in Europe) sector. Digital transformation in the financial services sector has picked up pace during COVID – mostly for the better. But of course questions persist as to possible risks and what must be done to mitigate these challenges.