Basel Committee finalizes crypto exposure rules for banks

The committee is unveiling the standards later in July, culminating a yearslong process.

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Worldcoin Faces Investigation by Germany's Regulator

The Bavarian State Office for Data Protection Supervision has initiated an investigation into the Worldcoin crypto project, a new initiative that requires users to provide iris scans in exchange for a digital ID and potentially free cryptocurrency, according to Reuters. (Read More)

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Canadian Regulator Proposes Changes to Its ‘Capital and Liquidity Approach to Crypto-Assets’

The regulator of financial institutions in Canada said on July 26 that it had started the process of gathering the public’s view on proposals to change its “capital and liquidity approach to crypto-assets.” The draft guidelines are a response to the Basel Committee on Banking Supervision’s new banking standards for crypto-asset exposures. Staying Abreast With [...]

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Law Firm’s White Paper Claims US Bank Regulators Are Waging a ‘Clandestine Financial War’ Against Crypto Businesses

According to a recent white paper published by four members of the law firm Cooper & Kirk, PLLC, U.S. bank regulators are attempting to “drive crypto businesses out of the financial system.” The paper, titled “Operation Chokepoint 2.0,” claims that after laying the groundwork by labeling lawful businesses as “reputationally risky,” federal bank regulators, with [...]

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Federal Reserve Governor Michelle W. Bowman Stresses Banking Supervision including Digital Assets

Governor Michelle W. Bowman, a member of the Board of Governors of the Federal Reserve System, emphasized the need for a responsive and responsible regulatory framework in the banking sector. (Read More)

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US Treasury Suggests Easier Oversight for Nonbank Financial Institutions

The US Treasury and top financial regulators have proposed new rules to ease the Federal Reserve's designation of nonbank institutions as systemically important. Treasury Secretary Janet Yellen raised concerns over nonbank institutions' lack of supervision and the potential for financial contagion during periods of distress. (Read More)

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US Fed to create new crypto team amid concerns about unregulated stablecoins

The Fed’s vice chair for supervision said that the central bank does not want to curb innovation but ensure that regulations protect households and the financial system.

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Crypto.com faces scrutiny in Poland as regulator issues public warning

Polish authorities have issued a cautionary alert on Crypto.coms operations, citing possible regulatory noncompliance but stopping short of a ban.

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US Fed steps up oversight of banks’ involvement with crypto firms

The United States Federal Reserve is broadening the scope of its supervision program which oversees U.S. banks that engage with the cryptocurrency and blockchain industry. An Aug. 8 announcement by the Federal Reserve Board established the Novel Activities Supervision Program which aims to limit certain crypto-related activities and facilitate a more fair playing field for [...]

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US Bank Regulators Confess Mistakes

US bank regulators have admitted to errors in supervision after high-profile bank failures, with the New York Department of Financial Services publishing its review of Signature Bank and the US Federal Reserve Board releasing its review of Silicon Valley Bank. (Read More)

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