Coin Center: State Bank Supervisors Proposal Good for Lawyers, Bad for Consumers and Innovators
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....
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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 Chairman of the US Senate's Homeland Security & Governmental Affairs Committee (HSGAC) which investigated digital currencies in November has responded positively to the creation of a new state bankers' task force to perform its own study into what sort of regulation is necessary. The new "Emerging Payments Task Force" comes from the Conference of State Bank Supervisors (CSBS), a national meeting group of regulators from all states "dedicated to advancing the state banking system" in the US at a federal level. It aims to study the impacts and potential consumer protection issues arising....
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....
This last Friday, the 27th March the period for public comments on the latest release of the New York's BitLicence proposal had ended. During this period, there were several developments to the proposal, however, many people within the bitcoin community feel that the proposal isn't still fully adequate to the digital currencies industry. Some people believe that new technologies should be seen as an opportunity to update laws and regulations and that this latest release of New York's BitLicence proposal fails to realize that. All the bureaucratic process around the state-by-state....