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Treasury Official Calls for Congressional Action to Enact Stablecoin Legislation
by: Sharon A. O'Shaughnessy | Blockchain Law Center | (02/08/2022)
U.S. Treasury Under Secretary for Domestic Finance Nellie Liang testified before the House Financial Services Committee on February 8, 2022 and urged lawmakers to pass legislation to oversee stablecoin issuers.
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U.S. Treasury Releases Report Indicating That NFT Platforms May Be Subject to FinCEN Regulations
by: Sharon A. O'Shaughnessy | Blockchain Law Center | (02/07/2022)
On February 4, 2022, the U.S. Treasury released a report on money laundering in the art market stating that NFT platforms may be considered virtual asset service providers by the Financial Action Task Force and may come under FinCEN’s regulations.
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SEC Commissioner Does Not Anticipate Formally Introducing Direct Cryptocurrency Regulation This Year
by: Sharon A. O'Shaughnessy | Blockchain Law Center | (02/04/2022)
In recent remarks, SEC Commissioner Hester Peirce forecasted that the SEC will regulate cryptocurrency through enforcement in 2022 rather than creating new rules or adjusting existing rules to accommodate digital assets.
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On January 20, 2022, the Federal Reserve Board issued a discussion paper, Money and Payments: The U.S. Dollar in the Age of Digital Transformation
by: Lisa Weingarten Richards | Blockchain Law Center | (01/21/2022)
The paper “summarizes the current state of the domestic payments system..." and solicits comments from the public.
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GAO Releases Report on Use of Virtual Currencies to Facilitate Trafficking
by: Thomas P. DeFranco | Blockchain Law Center | (01/11/2022)
On January 10, 2022, the U.S. Government Accountability Office (“GAO”) released a report to the public summarizing its findings on the use of virtual currencies to facilitate human and drug trafficking. These findings were based on a review of federal agency records and interviews with federal officials from a number of agencies.
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Annual Banking Report Predicts Increased Crypto Services in 2022
by: Margaret Haggerty | Blockchain Law Center | (12/20/2021)
American Banker published its annual banking predictions based on survey results from 175 leaders and staff at banks and fintechs, including C-suite and senior business unit executives. Regarding cryptocurrency, nearly 40% of survey participants reported that they will be “likely/somewhat likely” to offer cryptocurrency services next year.