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A cryptocurrency exchange settled New York State Department of Financial Services charges for failing to establish a compliance program to satisfy (i) New York banking law and (ii) NYDFS virtual currency, money transmitter, transaction monitoring and cybersecurity regulations.

Unlike the conclusions drawn by the President's Working Group, the Federal Reserve Board researchers concluded that a broad adoption of asset-backed stablecoins can potentially be supported within a two-tiered, fractional reserve banking system without a negative impact on credit intermediation.