• Wed. Feb 28th, 2024

Blockchain in Finance: Legislation and Regulatory Measures Needed to Ensure Comprehensive Oversight of Crypto Assets

Blockchain in Finance: Legislation and Regulatory Measures Needed to Ensure Comprehensive Oversight of Crypto Assets
Consumer Financial Protection Bureau The Director of the Consumer Financial Protection Bureau shall establish or adapt an existing formal coordination mechanism jointly with the CFTC, FDIC, Federal Reserve, NCUA, OCC, and SEC. To facilitate these goals, the system may include formal planning documents that establish the frequency of meetings and processes for identifying risks and responding to them within agreed time frames. (Recommendation 1)

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Actions have not been taken or planned to satisfy the intent of the recommendation.

As we confirm the actions the agency has taken in response to this recommendation, we will provide updated information.

Commodity Futures Trading Commission The Chairman of the Commodity Futures Trading Commission should jointly establish or adapt an existing formal coordination mechanism with the CFPB, FDIC, Federal Reserve, NCUA, OCC, and SEC. To facilitate these goals, the system may include formal planning documents that establish the frequency of meetings and processes for identifying risks and responding to them within agreed time frames. (Recommendation 2)

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Actions have not been taken or planned to satisfy the intent of the recommendation.

As we confirm the actions the agency has taken in response to this recommendation, we will provide updated information.

Federal Deposit Insurance Corporation The Chairman of the Federal Deposit Insurance Corporation should jointly establish or adapt an existing formal coordination mechanism with the CFPB, CFTC, Federal Reserve, NCUA, OCC, and SEC to collectively identify risks posed by blockchain-related products and services and formulate a timely regulatory response. To facilitate these goals, the system may include formal planning documents that establish the frequency of meetings and processes for identifying risks and responding to them within agreed time frames. (Recommendation 3)

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Actions have not been taken or planned to satisfy the intent of the recommendation.

As we confirm the actions the agency has taken in response to this recommendation, we will provide updated information.

Federal Reserve System The Chair of the Board of Governors of the Federal Reserve System should jointly establish or adapt an existing formal coordination mechanism with the CFPB, CFTC, FDIC, NCUA, OCC, and SEC to collectively identify risks posed by blockchain-related products and services and formulate a timely regulatory response. To facilitate these goals, the system can include formal planning documents that establish the frequency of meetings and processes for identifying risks and responding to them within agreed time frames. (Recommendation 4)

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Actions have not been taken or planned to satisfy the intent of the recommendation.

As we confirm the actions the agency has taken in response to this recommendation, we will provide updated information.

National Credit Union Administration The Chairman of the National Credit Union Administration shall jointly establish or adapt an existing formal coordination mechanism with the CFPB, CFTC, FDIC, Federal Reserve, OCC, and SEC. To facilitate these goals, the system can include formal planning documents that establish the frequency of meetings and processes for identifying risks and responding to them within agreed time frames. (Recommendation 5)

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Actions have not been taken or planned to satisfy the intent of the recommendation.

As we confirm the actions the agency has taken in response to this recommendation, we will provide updated information.

Office of the Controller of Currency The Comptroller of the Currency should jointly establish or adapt an existing formal coordination mechanism with the CFPB, CFTC, FDIC, Federal Reserve, NCUA, and SEC to collectively identify risks posed by blockchain-related products and services and formulate a timely regulatory response. To facilitate these goals, the system may include formal planning documents that establish the frequency of meetings and processes for identifying risks and responding to them within agreed time frames. (Recommendation 6)

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Actions have not been taken or planned to satisfy the intent of the recommendation.

As we confirm the actions the agency has taken in response to this recommendation, we will provide updated information.

United States Securities and Exchange Commission The Chairman of the Securities and Exchange Commission shall jointly establish or adapt an existing formal coordination mechanism with the CFPB, CFTC, FDIC, Federal Reserve, NCUA, and OCC. To facilitate these goals, the system may include formal planning documents that establish the frequency of meetings and processes for identifying risks and responding to them within agreed time frames. (Recommendation 7)

open up

Actions have not been taken or planned to satisfy the intent of the recommendation.

As we confirm the actions the agency has taken in response to this recommendation, we will provide updated information.

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