Regulators: Federal Preemption of State Blockchain Laws Unlikely
A member of the Federal Deposit Insurance Corporation (FDIC) and three state-level regulators discussed blockchain technology at a panel today centered on the future of US FinTech policy. Held at the Blockchain & Distributed Ledger Technology Conference in New York City, the panel provided a window into the complicated series of exchanges – ranging from state-level interactions with citizens to potential top-level federal regulation – that are influencing this discussion. FDIC associate counsel Adriana Rojas said that while her agency wants to take a leadership position, its....
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One business and law professor has argued that Wyoming’s liberal blockchain law could help the state compete with Delaware in the business incorporation arena. Amid the patchwork of state and federal regulations for crypto and blockchain firms, Wyoming seems to have established itself as a more progressive jurisdiction for companies involved in the novel technology.For Pierluigi Matera, professor of comparative law at the Link Campus University of Rome, these liberal blockchain laws could see the state chip away at Delaware’s preeminence in business incorporation in the United States.In a....
An established task force of U. S. State regulators are reportedly working to pen the world's first bitcoin rulebook in a move the aims to protect individuals from the perils of digital currency without stifling the development of the technology. "We may be looking at some type of model definitions, or model laws or regulations, and very likely recommendations to either our federal colleagues or to Congress," said David Cotney to news agency Reuters outside of a public hearing on the matter Friday. Cotney serves as the Massachusetts Commissioner of Banks, and was appointed in February as....
According to Section 11.17, of Apple Store Review Guidelines, Bitcoin applications are now allowed because of this line of text: “Apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions”. This essentially means that apps in Apples app store may use virtual currencies if they are in line with all state and national laws that apply for that country. This is huge, as this allows countries such as USA to use blockchain or Coinbase, but still not contradict laws with....
Conference of State Bank Supervisors (CSBS) is a 100-year-old trade organization for state regulators that primarily concerns itself with representing state regulators interests and dealing with issues facing the industry to federal and state authorities. One of their primary invitations is advocating consistent regulations among the financial industry from state to state. The organization announced a new focus on emerging financial technologies in February of 2014. They formed a task force for emerging payment systems whose purpose was to research and develop regulations for those new....
Patrick McHenry implied that the U.S.' regulation of stablecoins with a “single regulator at the federal level” would likely fail. Whether regulations on stablecoins and digital assets should be addressed at the state or federal level was the topic of discussion among at least two U.S. lawmakers in a hearing for the House Committee on Financial Services.Speaking virtually at a Tuesday hearing titled “Digital Assets and the Future of Finance: The President’s Working Group on Financial Markets’ Report on Stablecoins,” North Carolina Representative and ranking committee member Patrick McHenry....