Global Regulators Demand Fast Capital Rewrite
Reinforcing his chairman’s comments yesterday, the Basel Committee and its supervising panel of central bankers today stressed the need for national action on the Basel III/IV package. The global bodies also reiterated the need for “full, timely, and consistent” action, with these calls sure to speed U.S. inter-agency deliberations as soon as the Federal Reserve’s board fills out with a new supervisory vice chair.
Senate Ag Ready to Engage on SEC/CFTC Crypto Jurisdiction
The Senate Agriculture Committee today held a hearing examining the CFTC’s authority to govern cash digital assets, with Members on both sides agreeing that it is vital to clarify the distinctions between securities and commodities law to ensure that the CFTC can intervene where appropriate to ensure stability and consumer protection. Chairwoman Stabenow (D-MI) acknowledged bitcoin’s financial-inclusion potential, but also noted an array of risks such as those to the climate, volatility, fraud, and insider trading.
IMF Discounts CBDC Inevitability
The IMF today released a comprehensive report on CBDC, the results of which led Managing Director Kristalina Georgieva to conclude that a central-bank digital currency is not an inevitable outcome of digital transformation.