The Office of the Comptroller of the Currency (OCC) will have a final rule implementing the GENIUS Act out by November, Comptroller of the Currency Jonathan V. Gould said Wednesday (Aug. 19) at the Wyoming Blockchain Symposium. “We were working on the rule even before the President actually signed...
Banks repeatedly perform similar due diligence on technology providers, and an industry-standards effort involving the federal regulators would make portions of that work reusable across institutions. A July 21 draft term sheet outlines a possible framework for reducing some of that duplication. It calls for...
The Commodity Futures Trading Commission (CFTC) is seeking comment on the listing of compute derivatives contracts as it prepares to establish the “gold standard” for trading this commodity that powers the artificial intelligence economy, the regulator said in a Wednesday (Aug. 19) press release. The...
The Federal Deposit Insurance Corporation is considering an industry-led standards organization that could certify FinTech companies and other bank service providers against common risk-management benchmarks, potentially reshaping how banks vet and oversee outside partners. The proposal, outlined in a July 21 draft term sheet obtained...
A trial to determine whether Meta purposely made its apps addictive to children is underway in California. That’s according to a report Tuesday (Aug. 18) from Reuters, which said the case marks the most significant test to date for social media platforms facing similar youth...
Congress is considering a major rewrite of federal financial privacy law that could offer banks and other financial companies a consequential bargain: substantially stronger consumer rights over financial data in exchange for a single national privacy regime. The Guidelines for Use, Access, and Responsible Disclosure...
As the Treasury Department prepares to implement the GENIUS Act, it is seeking comment on its proposed framework for how to decide when a payment stablecoin issuer needs to obtain a GENIUS license as well as when and how payment stablecoins can be offered and sold...
A federal review that could influence how FinTech firms partner with banks, pursue charters and reach the payment system comes due Monday (Aug. 17), although the public may not get to see the results. President Donald Trump’s May 19 executive order gave six financial regulators 90...
Western Union’s pending acquisition of International Money Express (Intermex) has received regulatory approval from New York but faces further review by California, Western Union said in a Friday (Aug. 14) press release. The New York State Department of Financial Services (NYDFS) gave its regulatory approval...