EUR/USD 1.13340
0.478%
Gold 3330.16
1.075%
Oil 60.442
-0.330%
USD/JPY 143.318
-0.475%
GBP/USD 1.34773
0.439%
GBP/JPY 193.137
-0.038%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Sources: Russias Arctic LNG 2 plant has shut down its first production line.May 23, after the U.S. House of Representatives passed Trumps tax and spending bill on Thursday, concerns about the growing U.S. government debt continued to put pressure on the dollar. Antje Praefcke, a currency analyst at Commerzbank, said in a report that the bill aims to make the tax cuts introduced by Trump permanent, but the funds provided for this are unstable, so it can be assumed that the budget deficit will continue to expand. She said: "I am curious when the market will realize that this is the next major structural burden on the dollar."The pound barely moved despite data showing that UK retail sales rose more than expected in April. Ebury analyst Phil Monkhouse said in a report that while the data was encouraging, higher-than-expected inflation in April could curb the chances of another rate cut by the Bank of England in a few months.Market news: The EU confirmed that it will soon postpone the implementation of bank trading rules by one year.Germanys DAX30 index opened down 1.77 points, or 0.01%, at 24006.50 points on May 23 (Friday); Britains FTSE 100 index opened up 17.55 points, or 0.20%, at 8756.81 points on May 23 (Friday); Frances CAC40 index opened up 12.88 points, or 0.16%, at 7877.32 points on May 23 (Friday); Spains IBEX35 index opened up 23.80 points, or 0.17%, at 14289.00 points on May 23 (Friday); Italys FTSE MIB index opened up 47.41 points, or 0.12%, at 40304.00 points on May 23 (Friday); and Europes STOXX 50 index opened up 6.87 points, or 0.13%, at 5431.35 points on May 23 (Friday).

Federal Reserve issues guidance for banks considering crypto activities

Skylar Shaw

Aug 17, 2022 14:34


The U.S. Federal Reserve on Tuesday provided more advise for banks thinking about engaging in cryptocurrency-related operations, highlighting the need for enterprises to inform the Fed beforehand and ensure that anything they do is lawful.


The U.S. Federal Reserve on Tuesday provided more advise for banks thinking about engaging in cryptocurrency-related operations, highlighting the need for enterprises to inform the Fed beforehand and ensure that anything they do is lawful.


In a statement, the Fed stated that although banks may see "potential possibilities" from cryptocurrencies, they should make sure they have mechanisms in place to make sure the volatile assets do not endanger consumer protections or safety and soundness.


Before participating in any crypto-related operations, banks should also inform the Fed, and any institutions that have previously explored crypto projects should inform the Fed about their participation in the digital asset area, the agency said.


Additionally, the Fed urged state member banks to notify their state regulator before engaging in cryptocurrency-related operations.


In the supervisory letter, the Fed advised banks it regulates to take a number of precautions before participating in any crypto-related activity, including as confirming that any proposed operations were lawful and that any necessary filings were required.


In order to guarantee that such ventures were done in a safe and sound way and were compatible with relevant consumer protection regulations, banks should also have proper risk management systems and controls in place before becoming engaged in cryptocurrency, the Fed added.


Just a few days prior, a number of Democratic senators, led by Massachusetts Sen. Elizabeth Warren, demanded that the U.S. Office of the Comptroller of the Currency (OCC) withdraw its previously issued crypto guidance and replace it with "a comprehensive approach in coordination with other prudential regulators."


The Fed and the OCC, two U.S. banking regulators, jointly stated last year that they intended to make it clear in 2022 what kinds of activities banks could engage in involving cryptocurrencies, including whether companies could hold digital assets on their balance sheet and facilitate crypto trades on behalf of clients.

Suggestion