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jeff0brown0

Acting Comptroller of the Currency Michael Hsu Comments on Digital Asset Innovation, Co... - 0 views

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    "I have seen one fool's gold rush from up close in the lead up to the 2008 financial crisis. It feels like we may be on the cusp of another with cryptocurrencies (crypto) and decentralized finance (DeFi). The 2008 crisis holds lessons that can help industry and regulators chart a better path and avoid repeating the mistakes of the past."
jeff0brown0

Sbergile's 5th anniversary: summarizing the world's biggest agile transformation - 0 views

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    A flurry of recent announcements and ventures from Sber reflected on MarketScreener are just a few of the ventures that suggest Sber is working hard to establish itself as an international player at the intersection of finance and tech. The agile effort has apparently produced the following results: "product introductions increased more than fourfold, while the average time to market (from idea to implementation) decreased more than sevenfold." For a few of the more peripheral spinoffs, see: https://www.marketscreener.com/quote/stock/PJSC-SBERBANK-6494829/news/PJSC-Sberbank-Currency-exchange-rates-at-SberBank-branches-now-on-2GIS-maps-36465221/ or https://www.marketscreener.com/quote/stock/PJSC-SBERBANK-6494829/news/PJSC-Sberbank-Amazing-creatures-from-deep-sea-now-on-SberBank-Online-36463962/ or https://www.marketscreener.com/quote/stock/PJSC-SBERBANK-6494829/news/PJSC-Sberbank-Sber-opens-multimedia-fountain-in-Lipetsk-36463963/
gilbertpacheco

US Congress Taking Revolutionary Steps Towards A Central Bank Digital Currency - 4 views

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    Just when you thought QE (qualitative easing) was getting out of hand, the Federal Reserve is now looking to create a digital Federal Reserve Note. The language of the proposed bill is monumental. > "The bill is called the "Digital Asset Market Structure and Investor Protection Act" ("Digital Asset Bill"). And for the majority, it sets out future rules for crypto. However, hidden in this bill, changes to the foundation of the Dollar are proposed." > "...the Federal Reserve System is authorized to issue digital versions of Federal reserve notes in addition to current physical Federal reserve notes. Further, the Board of Governors of the Federal Reserve System, after consultation with the Secretary of the Treasury, is authorized to use distributed ledger technology for the creation, distribution and recordation of all transactions involving digital Federal reserve notes." > BitDollars??
jeff0brown0

India considers banning private crypto in favor of centralized digital currency - 0 views

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    Indian Prime Minister Narendra Modi's government has listed a bill for the upcoming Parliament session that reportedly seeks to prohibit all private cryptocurrencies with certain exceptions in India and to create a centrally controlled cryptocurrency under the control of the national bank.
jeff0brown0

Capitol Hill Warms Up To Crypto - 0 views

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    Six crypto leaders appeared at a House Financial Services Committee hearing that "explored how the government should oversee and improve regulation of the industry." The "general sentiment of the hearing was positive towards the cryptocurrency industry, a dramatic shift from past years. This disposition surprised some, but it reflects an evolving view of the benefits of cryptocurrency technology and the fear that the US is falling behind other countries such as China that have made noticeable progress towards launching a sovereign digital currency." The piece notes that the Senate Banking "has a hearing on stablecoins next Tuesday and it will likely be more skeptical towards this emerging asset class." The witnesses include Alexis Goldstein, Director of Financial Policy, Open Markets Institute; and Professor Hilary J. Allen, American University Washington College of Law.
jeff0brown0

U.S. to crack down on cryptocurrency crimes to combat corruption | American Banker - 0 views

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    President Biden "says his administration is focused on policing cryptocurrency crimes to combat corruption globally and is taking advantage of a newly formed Department of Justice task force, according to an anti-graft report released Monday." The White House is "particularly focused on crimes committed by virtual currency exchanges, mixing and tumbling services - platforms that obscure owners and recipients in Bitcoin transactions - and bad actors who facilitate money laundering, according to the report from U.S. Strategy on Countering Corruption, which includes the State Department, Treasury and Justice Department."
jeff0brown0

Crypto lobbying is going ballistic | The Economist - 0 views

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    The Economist reports on the pipeline of former American regulatory officials becoming lobbyists or advisers to the cryptocurrency industry. Perhaps the most prominent is Jay Clayton, former head of the SEC, but others include Brian Brooks, who until January was the acting Comptroller of the Currency, and Chris Giancarlo, head of the CFTC between 2017 and 2019. In Britain, Philip Hammond, a former Chancellor of the Exchequer, joined Copper, a crypto startup, in October. The Economist notes that, worldwide, "reams of regulations are now in play," and people who know the enforcement systems intimately are in high demand, and paid accordingly. The magazine adds, "The rewards for walking through the revolving doors are only going up.
jeff0brown0

China's top regulators ban crypto trading and mining, sending bitcoin tumbling - 0 views

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    "The move comes amid a global cryptocurrency crackdown as governments from Asia to the United States fret that privately operated highly volatile digital currencies could undermine their control of the financial and monetary systems, increase systemic risk, promote financial crime and hurt investors."
jeff0brown0

Crypto and DeFi disintermediate banking in new ways, says OCC head - 1 views

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    Acting Comptroller of the Currency Michael Hsu said the agency is working with a number of other financial regulators to coordinate digital asset regulation. Regarding cryptocurrencies and decentralized finance, Hsu "said it is necessary for regulators to 'ensure that crypto/DeFi activities that take place within the banking system or are facilitated by banks are trustworthy.'" However, since most DeFi activity "takes place outside of the regulated banking system, it is unclear whether Hsu's remarks can be interpreted as reflecting OCC's aspiration to extend its purview over DeFi platforms."
jeff0brown0

Sber announces plans to register digital platform with Bank of Russia - CoinGeek - 0 views

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    After the departure of the last Acting Comptroller of the Currency, who was looking to aggressively coordinate regulators and crypto companies, US regulators appear to be at odds with crypto and distributed ledger approaches. In Russia, on the other hand, Sber is purportedly working with Russia's central bank to register its digital assets platform, "which would pave the way for the launch of the digital assets trading platform in Russia." If the US appears hostile to crypto and Russia appears accommodating, Russia may be in a much stronger position as a world financial player if crypto continues to emerge.
jeff0brown0

Nexi exec says group interested in digital euro, no formal talks with ECB | Reuters - 0 views

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    This looks like a press release to generate buzz inasmuch as there are not talks in place; however, worth watching. Nexi (NEXII.MI) is interested in working on a digital version of the euro, but there are no formal talks with the European Central Bank (ECB), the Italian payment group's corporate and external affairs director Saverio Tridico said on Friday.
jeff0brown0

How U.S. regulators are cracking down on cryptocurrencies | Reuters - 0 views

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    Global regulators worry the rise in privately operated currencies could undermine their control of the financial and monetary systems, increase systemic risks, promote financial crime and hurt investors. In the United States, President Joe Biden's regulators have launched several efforts to rein in cryptocurrencies.
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