Tag: Regulation

FinCEN withdrew a December 2020 proposal that would have required banks and money services businesses to keep records on self-custodial wallet transfers above $3,000 and report those above $10,000. The agency also withdrew an October 2023 finding that would have designated international crypto mixing a primary money laundering concern under Section 311 of the USA PATRIOT Act. Neither proposal was finalized, so existing obligations are...

The Federal Reserve on Sept. 24 proposed full 1:1 reserve backing and standardized capital rules for Board-supervised payment stablecoin issuers under the GENIUS Act. Operational-risk capital would start at 2% of the first $20 billion outstanding, stepping down to 1% above $50 billion. Issuers would generally have to redeem tokens within two business days and publish monthly, accountant-examined reserve reports. A second proposal sets a bank...

U.S. crypto regulators moved on their own after Congress stalled, with the Commodity Futures Trading Commission sending a market-structure rulemaking to the White House and the Securities and Exchange Commission opening a temporary path for onchain stock trading. The shift comes two days after the Senate voted 49-50 against advancing the Clarity Act, short of the 60 votes needed to proceed. On Thursday, the CFTC filed Regulation Crypto Asset...