Gensler Stands by Enforcement-Focused Crypto Policy

In an interview today, SEC Chairman Gensler fiercely defended the Commission’s crypto enforcement history and attacked crypto exchanges, calling them “casinos” that fought to skirt investor-protection law rather than come into compliance.  Rebuking calls from Sen. Warren (D-MA) for increased SEC crypto attention, he argued that the Commission is committed to regulating crypto securities and has already filed an abundance of enforcement actions.

CFPB Demurs on Key Preemption Decisions

Signaling an aversion to Federal preemption long sought by consumer advocates, the CFPB has made a preliminary determination that a New York State law that requires commercial financing disclosures is not preempted by TILA.  It has also reached an initial decision that similar laws in California, Utah, and Virginia are also not preempted, reflecting the importance of this decision.

Dems Demand De-Risking Rewrite

A day after a senior Treasury official chastised banks for failing to de-risk on a risk-based methodology, Sen. Warren (D-MA), Rep. Omar (D-MN), and a group of Democratic Members of Congress wrote Secretary Yellen, FinCEN, and the banking agencies seeking an update on ways to ensure that AML compliance does not adversely affect Muslim and immigrant communities.  Noting that a recent increase in sanctions also has led banks to de-risk charities, the Members point to resulting humanitarian problems due to lost aid.

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