follow us on twitter . like us on facebook . follow us on instagram . subscribe to our youtube channel . announcements on telegram channel . ask urgent question ONLY . Subscribe to our reddit . Altcoins Talks Shop Shop


This is an Ad. Advertised sites are not endorsement by our Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise Here Ads bidding Bidding Open

Author Topic: US Treasury Dept. Fintech Innovation Report Touches on Crypto, Blockchain  (Read 969 times)

Offline sirty143

  • Mythical
  • *
  • *
  • *
  • Activity: 8607
  • points:
    279282
  • Karma: 288
  • Trade Count: (0)
  • Referrals: 19
  • Last Active: March 28, 2024, 01:42:14 PM
    • View Profile

  • Total Badges: 27
    Badges: (View All)
    Fifth year Anniversary Fourth year Anniversary 10 Posts

A major new report from the U.S. Treasury Department published July 31 has called for a more agile and conducive regulatory approach to innovations in the fintech sector.

The 222-page report, devoted to ‘Nonbank Financials, Fintech, and Innovation,’ only fleetingly touches upon cryptocurrencies and distributed ledger technologies (DLT) such as blockchain, noting that these are currently being “explored separately in an interagency effort led by a working group of the Financial Stability Oversight Council.”

Overall, the document indicates a strong impetus on the part of the U.S. government to foster nascent financial technologies and to modernize existing regulatory frameworks in order to remove impediments to their evolution.

The report advocates “more streamlined and tailored oversight,” proposing a set of recommendations that suggest a strong inclination to rationalize overly complex regulations that may stymie growth. These include harmonizing unwieldy state-by-state money transmission legislation, which is notably currently applied to U.S. crypto exchanges.

Noting that interest in crypto assets has “substantially increased” from financial authorities worldwide, the Treasury singles out the dedicated efforts on the part of the G20 to set out appropriate metrics for monitoring the emerging sector.

While it notes that these include managing the “inherent risks” that crypto assets “currently pose for investor protection and anti-money laundering and illicit finance regimes,” the report cites a G20 communique from March that affirms “that technological innovation, including that underlying crypto-assets [sic], has the potential to improve the efficiency and inclusiveness of the financial system.”

The Treasury further acknowledges a range of DLT applications that are being developed by the financial services industry –– although it notes that their benefits are still "highly uncertain –– including:

“Commodities trading and securities settlement [...] trusted identity products and services [...] [and] the potential for central bank-backed digital currencies, or a tokenized form of a fiat currency that utilizes DLT, [which some assert] could potentially help reduce fees, processing times, and operational risk for market participants.”

The Treasury further advocates the use of regulatory sandboxes and encourages efforts “to create labs, working groups, innovation offices, and other channels for industry participants to engage directly with regulators. A “symbiotic relationship” between regulators and innovators “is needed to support the U.S. economy and maintain global competitiveness.”

This latter notion chimes with concerns voiced recently by the president of the U.S. Commodity Futures Trading Commission (CFTC), who said that the U.S. is “falling behind” other countries in fostering innovation. The CFTC’s president noted in particular that the agency lacked the legally sound procedures that would enable it to directly participate in trials of blockchain proof-of-concepts (PoC), despite that fact that it has created a dedicated LabCFTC for promoting innovation in fintech.

Source: COINTELEGRAPH

Altcoins Talks - Cryptocurrency Forum


For Monthly biddings Check Here


Offline yavo1003

  • Jr. Member
  • *
  • Activity: 75
  • points:
    226
  • Karma: 4
  • Go to hero)
  • Trade Count: (0)
  • Referrals: 1
  • Last Active: January 08, 2024, 09:17:43 AM
    • View Profile

  • Total Badges: 12
    Badges: (View All)
    Topic Starter Poll Voter 50 Posts
The system of tracking stocks through the block. The US Bureau of Fiscal Services of the Treasury recently announced the experimental testing of block inventory for stock tracking. The management of the bureau also announced the involvement of an expert in this field in the prototype #DevelopmentTeam . During the pilot test, the Bureau will check whether the physical inventory will be monitored and coordinated during the transfer of information from person to person. The test will also include possible areas for using blocking technology.

 

ETH & ERC20 Tokens Donations: 0x2143F7146F0AadC0F9d85ea98F23273Da0e002Ab
BNB & BEP20 Tokens Donations: 0xcbDAB774B5659cB905d4db5487F9e2057b96147F
BTC Donations: bc1qjf99wr3dz9jn9fr43q28x0r50zeyxewcq8swng
BTC Tips for Moderators: 1Pz1S3d4Aiq7QE4m3MmuoUPEvKaAYbZRoG
Powered by SMFPacks Social Login Mod