OCC’s First Issued Guidance for Stablecoins Brings More Questions
For some, the OCC's recent stablecoin guidance, while helpful, raises as many issues as it clarifies.
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The OCC published guidance allowing U.S. banks to work with stablecoin issuers. Meanwhile, the ECB thinks the term stablecoin can be "misleading."
The acting director of the U.S. Office Comptroller of Currency (OCC) Brian Brooks says the creation of the U.S. digital dollar is a terrible one because the government is not good at building things. Instead, Brooks believes tech companies, which already possess the know-how, to be in a better position to issue stable digital currencies. He says the U.S. government needs to focus on doing what it does best-regulation. Growing Stablecoin Supply The acting comptroller of currency’s comments come as reports suggest the US is currently working on a digital dollar. However, the U.S.....
Two US states have issued new advisories and warnings on bitcoin, while Canada's tax authority has outlined its position on revenue from the cryptocurrency. The Nevada Department of Business and Industry, Financial Institutions Division, has issued consumer and investor guidance on digital currencies. Maryland's Department of Labour, Licensing and Regulation issued a warning on the risks associated with digital currencies, while Canada's tax authority issued more guidance on bitcoin activities and transactions. Of the three, the Canadian guidance is the most likely to have a direct and....
The NY State Department of Financial Services, notorious for its strictness, claims to be the first regulator in the country to impose requirements of the type. The New York State Department of Financial Services (DFS) on Wednesday released regulatory guidance for U.S. dollar-backed stablecoins issued by DFS-regulated entities. According to a DFS statement, it is the first regulator in the United States to impose such expectations on a stablecoin issuer.The requirements in the guidance concern redeemability, reserves and attestation. They state that a stablecoin must be fully backed by....
The Chairman of the Securities Exchange Commission, Gary Gensler, showed his cards. He spoke with legacy-media-operation The Washington Post and host David Ignatius for their series “The Path Forward” and spilled the beans. We at NewsBTC saw the whole interview so you don’t have to. We selected the most crucial quotes, and present them in all their splendor for you all to read them and reach your own conclusions. Of course, we’re going to offer our two cents. We’re not made of steel. In general, though, you’ll get Gary Gensler’s unadulterated words. They’re shocking enough as....