#Senate Ag

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13 12, 2022

DAILY121322

2022-12-13T17:08:34-05:00December 13th, 2022|2- Daily Briefing|

Glimmers of 2023 Policy Emerge in HFSC FTX Autopsy

As anticipated, today’s HFSC session fixated on the intricacies of FTX’s bankruptcy and former CEO Sam Bankman-Fried’s arrest.  Incoming Chairman McHenry (R-NC) supported the need for extensive regulation and new law but stressed separating the promise of crypto innovation from fraud committed by bad actors and again slammed the SEC’s strategy of “regulation by enforcement.”

FDIC Again Targets False Advertising, Logo Usage

Moving beyond its last effort at ending misrepresentation of deposit-insurance status (see FSM Report DEPOSITINSURANCE112), the FDIC Board today voted unanimously to issue for public comment a proposed modernization of how the FDIC logo is to be displayed and expand on prior efforts to block crypto firms from implying that they are insured.  We will soon provide clients with an in-depth analysis of the NPR, which also follows a CFPB circular (see FSM Report DEPOSITINSURANCE113) on FDIC insurance status misrepresentations in May.

Gruenberg, FDIC Nominees Set for Confirmation

As anticipated, Senate Banking today confirmed the Administration’s slate of FDIC directors, positioning them for approval before adjournment and thus giving the agency a full board for the first time in years.  Acting Chairman Gruenberg was approved 13-11, with Sen. Toomey (R-PA) voting for him despite strong objections likely to ensure final action this year on the entire slate.

Daily121322.pdf

2 12, 2022

AL120522

2022-12-06T11:23:10-05:00December 2nd, 2022|3- This Week|

The CFTC Showdown

As our in-depth client report described (see Client Report CRYPTO35), CFTC Chairman Rostin Behnam stoutly insisted that the Commission not only couldn’t have averted FTX’s collapse, but also that it did it all it could within the strict limitations of its authority.  What he needed, he said, was more power and, to at least some extent, bipartisan senators on the Senate Agriculture Committee concurred.  Those who had worked closely with FTX and the CFTC may have felt they had little choice but to join the CFTC in doubling-down in support of S.4760, the Digital Commodities Consumer Protection Act.  This is a bill we previously noted would not stand unnoticed and uncriticized by the Biden Administration, Banking Committee, and progressives calling for stringent crypto standards.

AL120522.pdf

3 08, 2022

DAILY080322

2023-01-04T13:29:59-05:00August 3rd, 2022|2- Daily Briefing|

Senate Ag Crypto Bill Lauds CFTC, Faces Many Obstacles

As we anticipated as the crypto debate continues, the Senate Agriculture Committee has sought to claim jurisdiction with a new, bipartisan bill granting the CFTC broad regulatory, supervisory, and enforcement powers over most digital-asset platforms and the assets traded on them.

ECB Study Favors CBDCs Over Private Crypto for Cross-Border Payments

study released by the ECB today argues that CBDCs would be a cheaper, safer, and more effective vehicle for cross border payments for global transactions than privately-issued cryptoassets or stablecoins.  Based on assessment of global, not just EU markets, the study thus has implications for those in the U.S. opposing a CBDC.

FRB-Minneapolis Renews Attack on Big-Bank Capital Resilience

Renewing its attack on big-bank capital ratios, the Federal Reserve Bank of Minneapolis today released its own stress-test conclusions, reinforcing its president’s longstanding view that the largest U.S. banks are woefully under-capitalized even though test results show considerable variance on a bank-by-bank basis as well as overall resilience.

FRB Philadelphia President Touts Fintech’s Financial Inclusion Potential

FRB Philadelphia President Patrick Harker today stated that fintech can increase financial inclusion, specifically citing buy-now pay-later products because they offer financial services to low- to moderate-income customers who would otherwise be locked out of traditional lending because they are more likely to be non-White, lower earning, and younger.

Daily080322.pdf

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