US federal regulators set new expectations for stablecoin issuers The President s Working Group has not said anything revolutionary, but does establish some new clarity. 33947 Total views
A group of leading U.S. financial regulators has released a new statement on stablecoins.
One of the headlining topics of crypto regulation news this year, stablecoins were the main topic of a Dec. 23 statement the President’s Working Group on Financial Markets, or PWG. The PWG includes representation from the Treasury, the Federal Reserve, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.
The group s stated opinions were hardly revolutionary, mostly saying that stablecoin issuers would need to abide by all the typical rules of the road in terms of financial law. The regulators say that stablecoins need to have systems in place to abide by all applicable anti-money laundering requirements before coming to market.
December 23, 2020, 10:14PM EST
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3 min read
The price of XRP has been in a tailspin since news broke that the Securities and Exchange Commission would sue Ripple for conducting an initial coin offering of the digital asset.
In the wake of the suit, which Ripple has described as an affront to the entire cryptocurrency market, a number of firms have begun cutting services tied to XRP, which Ripple has tried for years to get banks to adopt. The suit was released just a day before SEC chairman Jay Clayton announced he would resign.
Now, a former commissioner of the regulator is crying foul, describing the suit as unprecedented, given the upcoming change in power among the SEC s top ranks and presidential administration next month. In a letter to Clayton obtained by The Block, former SEC commissioner Joseph Grundfest said: no pressing reason compels immediate enforcement action.
December 23, 2020, 5:30PM EST
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1 min read
The White House has released a statement on regulatory considerations for stablecoins and it includes the potential for limitations on multi-currency stablecoins.
The statement comes from the President s Working Group on Financial Markets, which is a Treasury-centric working group that makes recommendations to the president and federal regulators.
The group highlighted the importance of anti-money laundering and counter financial terrorism measures, including on-chain know-your-customer (KYC) verification among all parties, even unhosted wallets. This comes after the Financial Crimes Enforcement Network unveiled a proposed rule that would also create heightened KYC requirements for transactions between money service businesses and unhosted wallets.
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