US financial watchdogs ask Congress to okay further oversight on Bitcoin

US financial watchdogs ask Congress to okay further oversight on Bitcoin
фото показано с : invezz.com

2022-10-5 15:52

The Financial Stability Oversight Council (FSOC) in its latest report on cryptocurrencies suggests the digital assets market needs a lot more policing to help curb potential risks likely to crop up given the rapid adoption across the financial system.

The committee’s report has 10 recommendations, among which one seeks to see Congress grant more power to market regulators, particularly in over regulation of spot Bitcoin (BTC) trading.

Regulating bitcoin trading

While the experts, including the Chairs of the US Federal Reserve, the Treasury as well as US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), agree that regulation is already underway under existing laws.

However, while the SEC and CFTC continue to work as currently allowed, further enforcement will be helped if Congress approves more resources to help police the market – with bitcoin highlighted as one that might need these additional powers.

As per the FSOC report on Monday, the ability to properly regulate bitcoin or other cryptocurrencies that do not fall under the securities laws, is greatly hampered. BTC, the council noted, isn’t directly under the purview of the top federal agencies.

“US law provides for limited direct federal oversight of spot markets for crypto-assets that are not securities i.e the market in which trades occur for Bitcoin and possibly other crypto-assets that are not securities. As a result, those markets may not feature robust rules and regulations designed to ensure orderly and transparent trading, to prevent conflicts of interest and market manipulation, and to protect investors and the economy more broadly.”

– The FSOC report.

As well as more clarity on bitcoin trading, other aspects that see regulators target more help from Congress include on recordkeeping requirements, cybersecurity and the need for market players to segregate customer assets – the latter also one of the issues highlighted in a bipartisan bill looking to effectively demarcate SEC and CFTC regulatory scopes in light of crypto.

The Financial Stability Oversight Council was created in the aftermath of the 2008 financial crisis, and one of its main roles is to identify and mitigate potential threats to the US financial system.

Its report thus also wants to see Congress come up with a regulatory framework for stablecoins, which is one of the areas that’s seen heightened regulatory action since the collapse of TerraUSD in May.

The post US financial watchdogs ask Congress to okay further oversight on Bitcoin appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Formosa Financial (FMF) на Currencies.ru

$ 0.0004577 (+0.00%)
Объем 24H $0
Изменеия 24h: -0.11 %, 7d: 98.23 %
Cегодня L: $0.0004538 - H: $0.0004624
Капитализация $394.44k Rank 99999
Доступно / Всего 861.833m FMF

financial oversight potential curb policing needs lot

Источник: invezz.com

financial oversight → Результатов: 96


New York Senate Authorizes NYDFS to 'Assess' Crypto Companies

The New York State Senate is boosting the state’s Department of Financial Services (NYDFS) efforts to oversee the cryptocurrency sector. The Senate passed its fiscal year 2023 budget early Saturday, which included a provision tasking NYDFS with developing a new “assessment” or charge for the cryptocurrency companies it oversees to bring its oversight mandate in virtual currencies in line with how the regulator oversees more traditional banks and financial services firms.

2022-4-10 21:49


Japan’s Financial Services Agency (FSA) Looks to Step Up Crypto Oversight: Report

Japan has always been seen as a shining light in the Asian market for crypto adoption, with favorable regulations and a pang of hunger for digital assets. However, recent events have caused many in the industry to rethink this stance, especially with the regulator now looking towards imposing stricter rules against companies in the space.

2021-8-25 21:13


Why This U.S. Congressman Compared Bitcoin Investment With Playing The Lottery

The U.S. Congress Oversight and Investigations Subcommittee held a hybrid hearing on Bitcoin and cryptocurrencies. The institution summoned Alexis Goldstein, Director of Financial Policy for the Open Market Institute, Sarah Hammer, Managing Director at the Stevens Center for Innovation in Finance, Peter Van Valkenburgh, Director of Research at Coin Center, and others. Adam Cochran, a […]

2021-7-1 23:01


Фото:

Bitcoin-Bashing U.S. Rep Sherman Calls For Outright Ban On Cryptocurrencies

United States Congressman Brad Sherman (D-CA) has urged his colleagues to consider completely shutting down cryptocurrencies, arguing that they are “highly volatile”.  Sherman: Crypto Facilitates Tax Evasion A congressional hearing hosted by the House Financial Services Oversight Subcommittee on June 30 performed an overview of the budding crypto ecosystem. Sherman observed that it would make […]

2021-7-1 21:22


US Lawmakers To Form Committee To Address Regulatory Concerns Around Crypto

Lawmakers in the United States are looking into developing regulatory frameworks for cryptocurrencies like Bitcoin and Ethereum. The US Rep and chairwoman of the House Financial Services, Maxine Waters, revealed her intentions to create a working group with Democratic House members to tackle growing concerns on cryptocurrencies Waters Pushes for More Crypto Oversight Waters made […] The post US Lawmakers To Form Committee To Address Regulatory Concerns Around Crypto first appeared on BitcoinExchangeGuide.

2021-6-17 19:46


Фото:

Estonia Revokes More Than 1,000 Crypto Firms’ Licenses This Year

Over 1,000 cryptocurrency firms’ licenses have been revoked in Estonia this year as the country tightens the oversight of the crypto industry amid heightened money-laundering concerns. 1,000+ Crypto Firms Lost Their Licenses This Year The Estonian Ministry of Finance revealed Friday that the country’s Financial Intelligence Unit (FIU) has revoked more than 1,000 crypto companies’ […] The post Estonia Revokes More Than 1,000 Crypto Firms’ Licenses This Year appeared first on Bitcoin News.

2020-12-15 10:30


FSB Publishes 10 High-Level Recommendations to Regulate ‘Global Stablecoins’

The Financial Stability Board (FSB) has released 10 high-level recommendations for regulation, supervision, and oversight of “global stablecoin” in its latest report on Tuesday. The international body that monitors and makes recommendations about the global financial system says global stablecoins must adhere to all applicable regulatory standards before commencing operation.

2020-10-15 19:23


HSBC Chief Legal Officer, Stuart Levey Joins Libra as CEO; Bringing Transparency to the Association

This move comes shortly after Libra initiated a payment system license to commence operations in Switzerland under the oversight of the country’s financial watchdog, FINMA. Speculations arose about a possible launch of the Libra stablecoin by the end of 2020, should the association sort the underlying legal hurdles.

2020-5-7 15:31


Фото:

Hong Kong Regulators Set to Tighten Oversight on Bitcoin Exchanges

Authorities in crypto-friendly Hong Kong have revealed that the nation is making plans to further increase regulatory oversight on bitcoin (BTC) trading venues and crypto-related businesses operating in the state, in accordance with the recommendations of the Financial Action Task Force (FATF), according to a speech on February 26, 2020.

2020-2-28 12:00


Фото:

UK’s FCA is on the Lookout for ‘Crypto Experts’

The United Kingdom’s FCA is looking for crypto experts as part of their latest efforts to regulate digital currencies operating in the UK. The UK’s financial conduct authority posted a job role on LinkedIn, calling for someone with “experience working with crypto assets” and other relevant financial experience to help the organization expedite its aims of bringing more supervision and regulatory oversight to the cryptocurrency industry.

2020-2-9 23:30


Фото:

Swiss Financial Watchdog Proposes $1,000 Client Identification Threshold for Crypto Transactions

Famous for its favorable business climate that has attracted hundreds of crypto companies, Switzerland is now expanding its financial regulatory framework. Some of the upcoming rules will increase oversight in the blockchain industry in compliance with new international standards regarding operations with digital assets.

2020-2-8 07:45


Фото:

Canada Tightens Regulatory Oversight for Crypto Exchanges  

The Canadian Securities Administration (CSA), the nation’s financial regulator has released new guidelines to govern crypto market participants in the country. The new guidelines require all bitcoin (BTC) trading venues and crypto exchanges to come under its purview and operate in total compliance with securities law, according to a Finance Magnates report on January 17,Read MoreRead More.

2020-1-18 20:00


Фото:

Crypto Exchanges in the Hot Seat as Japanese Regulators Increase Oversight

The Financial Services Agency (FSA), which doubles as both Japan’s crypto and financial regulatory watchdog, has ordered all bitcoin trading venues and digital assets exchanges in the region to strengthen their know-your-customer (KYC) and anti-money-laundering (AML) measures, as part of preparation for the upcoming G-7 summit and FATF inspection, reports Nikkei on May 22, 2019.

2019-5-24 13:00


дальше еще 47 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin ETF options fuel US crypto market surge

The launch of options tied to BlackRock Inc.’s $44 billion iShares Bitcoin Trust has set the stage for potential record-breaking moments for Bitcoin. On Tuesday, Nasdaq Inc. reported the trading of over 350,000 contracts on the first day, with data from Bloomberg indicating that approximately 80% of these were bullish bets. Nine out of the […]

Vantard vs Dogwifhat: which one is the better Solana-based meme coin?

Solana-based meme coins like Dogwifhat (WIF) have delivered exceptional returns in recent months. WIF, in particular, continues to attract solid demand following its recent listing on Coinbase. But a new player is now emerging in the world of meme coins that may even outperform Dogwifhat in 2025.