State Virtual Currency Regulation Policy Model Released by American Bank Supervisors
The Conference of State Bank Supervisors (CSBS) released their "Policy on State Virtual Currency Regulation" earlier today. The CSBS does not have a direct say in each states' financial laws; however, the CSBS stands as the only coalition of state bank regulators in the country and has considerable clout and influence on state banks. One of the stated goals of the CSBS is to preserve the United States dual banking system. The proposed CSBS regulatory framework resembles the BitLicense regulatory framework already being attempted by the NYDFS. The CSBS is accepting comments for the next 60....
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The Conference of State Bank Supervisors (CSBS) has released a draft proposal for regulating digital currency businesses. The membership group, which represents bank regulators from US state agencies but does not play a direct role in how states craft new financial rules, outlined a number of areas in which it believes companies that work with digital currencies should be supervised, including approaches to consumer protection, licensing and security. Overall, the framework echoes elements of the New York State Department of Financial Services' (NYDFS) BitLicense proposal. The draft....
The US Conference of State Bank Supervisors (CSBS) has released the final version of its model regulatory framework for digital currencies. The organization, comprised of representatives from state-level banking regulatory bodies, released an initial draft version of its proposed digital currency regulations in December. The draft drew from comments made during a subsequent two-month comment period in which both the digital currency ecosystem as well as financial incumbents were able to weigh in on the proposal. While the framework is only a recommendation - state bank regulators can use....
The Conference of State Bank Supervisors (CSBS) released its model framework for states to use in designing regulations and made it clear it wants to see state governments take a proactive and rigorous approach to licensing and supervising "virtual currencies" businesses. The Conference report said:"... CSBS concluded that activities involving third-party control of virtual currency, including for the purposes of transmitting, exchanging, holding, or otherwise controlling virtual currency, should be subject to state licensure and supervision." Coin Center, a Washington based-advocacy group....
The US Conference of State Bank Supervisors (CSBS) has produced a draft framework for its idea of digital currency regulation, and is now taking 60 days’ worth of public comments. The proposals come under the guise of suggestions, mirroring the organization’s position as a bystander with no direct influence on state policy. Commentators, however, have already likened much of the draft’s content to the New York Department of Financial Services’ BitLicense proposals. The CSBS writes introducing the draft: “After engagement with industry participants, state and federal regulators, and other....
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....