Bitcoin Businesses Detail Banking Setbacks at US Task Force Hearing
Representatives from several bitcoin businesses told a panel of state banking regulators today that the current regulatory environment is making it difficult for them to build partnerships with banks. Executives from BitPay, Xapo, SecondMarket and CoinX spoke before a meeting of the Conference of State Bank Supervisors (CSBS) Emerging Payments Task Force in Chicago. During a roughly two-hour hearing, these bitcoin industry representatives suggested that without clearer and supportive regulatory standards, bitcoin companies will continue to be held back in the broader consumer marketplace.....
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In late February, the US Conference of State Bank Supervisors (CSBS), a membership organisation for state banking regulators that liaises with Congress, announced it would launch a new task force aimed at investigating emerging payments issues, including topics related to bitcoin and other digital currencies. That effort, which is now just underway, will find the CSBS speaking to a wide range of payments industry stakeholders. To date, nine state banking officials have joined the task force, including New York Department of Financial Services superintendent Benjamin Lawsky. The....
The US Conference of State Bank Supervisors (CSBS) is planning to hold a public hearing on emerging payments issues, including digital currencies. The hearing will be organised by the CSBS Emerging Payments Task Force and it will take place in Chicago on the 16th of May. The task force was formed earlier this year to examine new trends in payment systems and determine their potential impact on consumer protection, banks and laws governing the industry. The CSBS says the purpose of the hearing will be to obtain information from a variety of entities and individuals involved in the payments....
Despite skepticism about loosening regulations on loans, the Fintech Task Force couldn't stop talking about crypto as a way of upgrading payments in the U.S. In a hearing on Tuesday, the Congressional Fintech Task Force heard arguments on new rules that would potentially expand banking regulations to accommodate more technology firms providing financial services.A subunit of the Financial Services Committee, the Fintech Task Force leads the committee’s examinations of emerging technologies. As Task Force Chair Stephen Lynch (D-MA) noted, “Banking is becoming less centralized. Consumers are....
State regulators see the challenge of regulating bitcoin and digital currency as no easy task. Case in point: State regulators right here in Massachusetts are mulling bitcoin regulation in effort to make it clear just the play rules are when it comes to the use of these new, emerging currencies. "We will be trying to come up with a model law or regulations states can use," said David Cotney, commissioner at the Massachusetts Division of Banks to the Boston Herald. "This has gotten a lot of attention, and we want to make sure when we act, we get it right." Cotney is also the chairman of the....
A public-private task force has submitted a report to the Biden administration that includes recommendations to tighten the regulation of cryptocurrencies, including bitcoin, with the aim to combat ransomware. “The cryptocurrency sector that enables ransomware crime should be more closely regulated,” the task force wrote. White House Urged to Tighten Crypto Regulation A task force, organized by the Institute for Security and Technology, submitted a report entitled “Combating Ransomware” to the Biden administration Thursday with 48 recommendations, some of which aim....