Fed Finalizes Revisions to Interchange Survey
After finalizing a controversial proposal opening up debit-card routing (see FSM Report INTERCHANGE11), the FRB has also set changes to reporting on interchange-fees proposed in July. The final requirements track the proposal, gathering data now on reporting changes when multiple networks are involved in processing transactions as well as revising the survey to prevent overcounting certain transactions.
Senate Finance Chair Challenges Crypto-Exchange Conduct
Continuing Congressional pressure on crypto following FTX’s collapse, Senate Finance Chairman Wyden (D-OR) today sent six letters to some of the largest crypto exchanges to determine if the factors leading to FTX’s collapse are widespread. It is unclear what Sen. Wyden intends to do with the information he requests given that his panel does not have jurisdiction over the conflicts of interest and related concerns he cites, but it can surely call hearings and at the least build a record for the kind of legislation Mr. Wyden may support.