Tag: Regulation

The Senate Banking Committee has postponed its markup of the digital asset market structure bill due to ongoing bipartisan negotiations. Coinbase CEO Brian Armstrong publicly opposed the bill, citing concerns over stablecoin rewards, tokenized equities, and erosion of CFTC authority. The delay highlights tensions between crypto innovation and traditional banking interests, potentially extending regulatory uncertainty. The...

The Federal Reserve Board has withdrawn its 2023 policy statement that imposed strict limits on state member banks engaging in novel activities, including crypto-asset services. A new policy statement introduces case-by-case approvals for uninsured state banks, facilitating responsible innovation in the sector. This regulatory shift aligns with broader changes under the Trump administration, potentially easing access for...

PayPal seeks bank status: The company has applied to create PayPal Bank in Utah to bolster small business lending and offer interest-bearing savings. Crypto angle: As issuer of PYUSD, the move could integrate stablecoin settlements into regulated banking. Regulatory context: Follows recent approvals for crypto firms like Circle and Paxos. PayPal Holdings has submitted applications to establish an industrial bank in Utah,...

The American Federation of Teachers (AFT) has called on the US Senate to abandon the Responsible Financial Innovation Act, citing significant risks to retirement security. The union argues the bill strips safeguards from crypto assets and weakens protections for traditional securities, allowing tokenized stocks to evade regulation. Sponsored by Senators Cynthia Lummis and Kirsten Gillibrand, the legislation seeks to establish a...