Federal Reserve launches new cryptocurrency oversight team
The Federal Reserve has formed a new team focused on monitoring developments in the cryptocurrency industry to bolster its oversight abilities Meanwhile, SEC Chair Gary Gensler published an op-ed calling for crypto firms to operate within the bounds of the law. However, some senators are questioning the regulators' motivations for recent actions related to cryptocurrency.
The BSV Blockchain Gazette is presented by Bryan Daugherty, Global Policy Director for BSV Blockchain Association, featuring:
SEC Chair Gary Gensler writes an op-ed on regulating crypto firms within legal bounds
On 9 March, the SEC published an op-ed written by Chair Gary Gensler titled “Getting Crypto Firms To Do Their Work Within The Bounds Of The Law.” The full piece is available here.
Federal Reserve creates a new team to monitor cryptocurrency developments and bolster oversight
The Federal Reserve is assembling a new cryptocurrency-focused team to help ensure that it is keeping tabs on developments in the industry. Federal Reserve vice chair for supervision Michael Barr said that the group would help bolster oversight abilities.? He warned about the potential dangers of stablecoins and said that the central bank is working on additional crypto guidance.?
In regards to this new team, he explained that “we are creating a specialized team of experts that can help us learn from new developments and make sure we’re up to date on innovation in this sector.”
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Senators question Federal Reserve's motivation for recent actions related to cryptocurrency
Sens. Bill Hagerty (R-TN), Mike Crapo (R-ID), Thom Tillis (R-NC), and Steve Daines (R-MT) sent a letter on March 9 to Federal Reserve Chair Jerome Powell, Acting Comptroller Michael Hsu, and FDIC Chair Marty Gruenberg questioning regulators’ motivation for recent actions related to cryptocurrency.?
The letter references the regulators’ joint statement released on 3 January suggesting that holding or issuing crypto assets is not a safe banking practice and notes that “we are especially worried that overreaching behaviour by the banking regulators will inevitably bleed into other legal industries.”
Bryan Daugherty comments on the benefits of the EU regulatory sandbox
As the European Commission launches a regulatory sandbox, Bryan Daugherty, Global Policy Director for BSV Blockchain Association, comments for the publication MarketScale on the benefits of the EU’s regulatory sandbox and gives his thoughts on why he would like to see a similar program in the United States.
You can read the full statement here.
The Bitcoin letters: Bringing clarity to the confusing world of blockchain
Blockchain and Information Security Expert Bryan Daugherty shares unique insights on Bitcoin in his new eBook - ‘The Bitcoin Letters’. In a world of misinformation, it’s refreshing to have a knowledgeable resource that clarifies complex topics like Bitcoin and blockchain. Renowned blockchain and information security expert Bryan Daugherty's newly released book, "The Bitcoin Letters: Bringing Clarity to the Confusing World of Blockchain," offers a straightforward explanation of Bitcoin and its impact on our growing data economy.
The Bitcoin Letters is an excellent resource for those who want to understand the intricate details of Bitcoin, including security, scaling, sustainability, regulation, and transformation. Daugherty's writing style is engaging, making the book a must-read for cryptocurrency enthusiasts and blockchain novices alike.
The ebook is available on Amazon and Immutable Books.