Bitcoin Community Cringes as Federal Reserve & the Treasury Look to Crack Down
The Bitcoin community is cringing as the Federal Reserve and the Financial Crimes Enforcement Network, a branch of the U.S. Treasury, looking to decrease the reporting requirements imposed on financial institutions. Bitcoin Community Doesn’t Like the Recent “Travel Rule” Moves These two entities are specifically targeting the so-called “Travel Rule,” which requires institutions to collect, retain, and share information about their clients. Those that have to abide by the Travel Rule include crypto exchanges. Integration […]
Related News
On Friday, May 9th, 2014, the Federal Advisory Council and Board of Governors of the Federal Reserve met for their quarterly meeting in Washington D. C. This meeting was historically held in secrecy until Bloomberg News "won" a Freedom of Information Act request under the Freedom of Information Law requiring the Fed to make the meetings minutes available to the public. The Federal Advisory Council (FAC) is "composed of twelve representatives of the banking industry, consults with and advises the Board on all matters within the Board's jurisdiction..." according to the Federal Reserve in....
The U.S. Federal Reserve is in a predicament as fiscal deficits erode the American economy and the nation is seeing a spike in benchmark 10-year Treasury yields. Meanwhile, Federal Reserve Chairman Jerome Powell expressed zero worries about inflation during an interview at a Wall Street Journal Jobs Summit on Thursday. Powell didn’t explain when the easy-money policies would end and after his commentary, U.S. bonds and stocks saw a massive sell-off. The US Fed Juggles Shaky Treasury Yields and Easy-Money Policies On March 3, 2021, Reuters reported on how the benchmark 10-year U.S.....
The United States Federal Reserve is studying the impact of online payment options such as PayPal and Bitcoin to determine potential risks associated with them. The Bitcoin community is apprehensive following recent comments of Federal Reserve Vice Chair Janet Yellen, who said, "We have been talking at the Fed and with banking organizations, trying to more carefully understand what the concerns are with these new payment mechanisms". While that comment was made in response to a question regarding regulatory scrutiny over online payment providers such as PayPal, Bitcoin users are fearful,....
The Federal Reserve Board of Governors and several Federal Reserve Banks are actively working on the digital dollar. Legislation has proposed that each American could have an account at the Fed for transacting in the central bank digital currency. Several Digital Dollar Initiatives The president of the Federal Reserve Bank of Cleveland, Loretta J. Mester, outlined the Fed’s work on the country’s central bank digital currency (CBDC) during a speech at the 20th Anniversary Chicago Payments Symposium on Wednesday. Noting that the experience with emergency payments led by the....
The U.S. Federal Reserve Board has said it has released the final guidelines which are set to be used by Reserve Banks when “reviewing requests to access Federal Reserve accounts and payment services.” According to the board, the final guidelines will become effective as soon as they are published in the Federal Register.
New Guidelines Aimed at Establishing a Transparent and Consistent Set of Factors for Reserve Banks
The board of the U.S. Federal Reserve recently announced what it called the “final guidelines which establish a transparent, risk-based, and....