#crypto oversight

[rwatimes]

CoinShares survey reveals over half of UK advisors lack crypto oversight

➤ A CoinShares survey indicates that 52% of UK wealth advisors manage less than half of their clients' crypto assets due to restrictive firm policies. ➤ Advisors at firms with supportive digital asset policies are significantly more likely to recommend crypto products, highlighting the impact of institutional guidelines. ➤ Clearer regulatory recognition and improved access to ETPs are key needs for advisors, with MiCA and upcoming UK FCA proposals expected to drive institutional capital into regulated crypto products.

[rwatimes]

Law Enforcement, Catholics Warn Against CLARITY Act

➤ Law enforcement and Catholic anti-trafficking advocates are raising concerns about the CLARITY Act, warning it could create dangerous gaps in crypto oversight. ➤ Specifically, Section 604 of the bill is criticized for potentially weakening Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) requirements, hindering investigations into illicit activities like human trafficking. ➤ Proponents argue the bill clarifies that writing code is not money transmission and that regulatory ambiguity helps criminals, while critics believe the exemptions could shield bad actors.

[rwatimes]

US Government Accountability Office urges FDIC to improve crypto oversight coordination

➤ The US Government Accountability Office (GAO) is urging the FDIC to improve its coordination with other financial regulators on blockchain and crypto risks. ➤ Despite a 2023 recommendation for interagency coordination, a formal mechanism remains largely unimplemented, creating potential regulatory gaps. ➤ The FDIC has eased its own notification requirements for banks engaging in crypto activities, while the GAO emphasizes the need for a unified approach due to the cross-jurisdictional nature of crypto products.

[rwatimes]

FDIC faces GAO pressure over gaps in crypto oversight

GAO urged the FDIC to coordinate with federal regulators on blockchain risks as stablecoin and crypto market rules move forward.

➤ The GAO is urging the FDIC to enhance coordination with other regulators on blockchain risks, citing a lack of a standing process for oversight. ➤ This recommendation comes as the FDIC's role expands under the GENIUS Act, which proposes rules for stablecoin issuers and their reserves. ➤ The article also touches upon the need for strengthened bank supervision following the 2023 bank failures and ongoing broader crypto rulemaking efforts in Congress.

[rwatimes]

CFTC faces scrutiny over crypto oversight amid Clarity Act debate

The CLARITY Act would give the CFTC sweeping crypto oversight, but a 21% staffing cut and a $365M budget raise serious questions about enforcement capacity.

➤ The CLARITY Act proposes to give the CFTC primary oversight of crypto assets, classifying them as 'digital commodities'. ➤ Critics argue the CFTC lacks the necessary resources, citing a 21% staff cut and a significantly smaller budget compared to the SEC. ➤ The legislation faces scrutiny over its feasibility, as the CFTC would need to develop comprehensive rules for a new market with millions of retail participants.

[rwatimes]

House Agriculture leaders urge Trump to fill CFTC seats before CLARITY Act passes

➤ House Agriculture leaders are urging President Trump to nominate four new commissioners to the CFTC before the CLARITY Act, which expands the agency's crypto oversight, is passed. ➤ The CFTC is currently operating with only one commissioner, creating a bottleneck for implementing new regulations over digital commodities. ➤ The lack of confirmed commissioners could delay or undermine the legitimacy of crypto regulations, potentially leaving the market in an ambiguous state.

[rwatimes]

GSR sees Clarity Act passage odds below 50% as Senate disputes weigh on crypto regulation

➤ The Clarity Act faces less than a 50% chance of passing the US Senate due to disagreements over stablecoin rules and ethics concerns, potentially impacting US market competitiveness. ➤ Over 100 amendments have been filed, with labor unions opposing the bill, highlighting significant legislative hurdles and uncertainty in crypto regulation. ➤ Despite regulatory uncertainty, optimistic forecasts predict stablecoin market growth to $1-3 trillion and significant tokenization of major US companies within a few years.

[cryptonewseye]

Bitcoin Will Face Tougher Regulation as Popularity Grows, Says Sweden’s Central Banker

The Swedish central bank’s governor says bitcoin will face tougher regulation given its sheer popularity that continues to grow. “When something gets big enough, things like consumer interests and money laundering come into play,” said Stefan Ingves, Governor of the Riksbank. Tougher Regulation Expected for Bitcoin Stefan Ingves, the governor of Sweden’s central bank, the […]