Who Will Regulate the Regulators? (Op-Ed)
The Conference of State Banking Supervisors (CSBS) recently released their “Draft Policy on State Virtual Currency Regulation.” The CSBS is a nationwide organization of banking regulators from all fifty US states, the District of Columbia, Puerto Rico, and the US Virgin Islands who supervise 5,400 state-chartered financial institutions with a combined US$4.2 trillion in assets. The CSBS is not a government agency. It is a confederation of regulators that work for various state agencies but is not itself under legislative control. Instead it is defined as a non-profit organization founded....
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Bitcoiners who are optimistic about Senate cryptocurrency legislation should remain skeptical of the legislators who want to regulate the industry.
The CEO of global investment bank JPMorgan, Jamie Dimon, says that bitcoin has no intrinsic value and “regulators are going to regulate the hell out of it.” He emphasized: “If people are using it for tax avoidance and sex trafficking and ransomware, it’s going to be regulated, whether you like it or not.”
JPMorgan’s Boss on Bitcoin and Crypto Regulation
JPMorgan Chase chairman and CEO Jamie Dimon continued to express his anti- bitcoin and crypto stance in an interview with Axios on HBO, published Monday.
Dimon was asked....
US financial regulators are considering the regulation of Bitcoin. Bart Chilton of the Commodity Futures Trading Commission (CFTC) told the Financial Times and Reuters that the organisation is 'seriously considering' regulation and 'if they wanted to', they could regulate it. Bitcoin is not a derivative and the CFTC only has a remit to regulate derivatives. But the US Treasury Department has already said that Bitcoin exchanges would come under existing regulations that prevent money laundering. While outcome of US regulation plans around bitcoin is still unclear, the fact that regulators....
Despite recent suggestions that its top financial bodies would not take any action against troubled bitcoin exchange Mt. Gox, Japan's senior regulators are now saying they would seek to regulate bitcoin, but only as part of an international effort. Speaking at a press conference on 27th February, Senior Vice Finance Minister Jiro Aichi addressed the topic, stating: "If we regulate [bitcoin], international collaboration would be necessary." Aichi suggested that this type of large-scale coordination is needed to prevent criminals from exploiting loopholes or weak points in international law.....
India's authorities are allegedly preparing a public advisory to warn against the risks associated with emerging digital currencies. The problem is not with the digital currencies themselves, but some worrying trends involving bitcoin and other cryptocurrencies. Indian regulators are concerned that increasingly popular bitcoin investment schemes could become a source of volatility, eventually turning into an electronic version of investor fraud. An unnamed senior Indian official told the Press Trust of India (PTI) that a public advisory may be issued soon to warn against the "possible....