Are tomatoes a fruit or a vegetable? The current debate over digital assets appears to limit the discussion to such a question. Are digital assets fruits or vegetables (securities or commodities)? Are they money (stablecoins) or something else, like art (NFTs)? Are these the right questions? Perhaps the inquiry should not be over the categorization of digital assets, but how best to regulate them.
News & Insights
Participants in the EU-U.S. Joint Financial Regulatory Forum highlighted cross-border interagency coordination on (i) financial stability, (ii) climate-related financial risks, (iii) banking and insurance regulation and supervision, (iv) capital markets, (v) operational resilience, (vi) digital finance and (vii) AML/CFT compliance.
Senior officials from the Bank of England, the FDIC, the CFTC, the SEC and the Federal Reserve Board reviewed joint progress on central counterparty resolution issues and on the development of detailed operational planning to support prototype resolution strategies for UK and U.S. CCPs.
At a meeting of the OCC, FDIC and President's Working Group on Financial Markets, the PWG stated its intent to address regulatory gaps with respect to stablecoins in the coming months.