METAVERSE AND MONEY - 33 Highlights

[Gunnar Larson]

For the record, during first quarter of 2022,  xNY.io - Bank.org was
totally killing it.

METAVERSE AND MONEY - 33 Highlights:
https://drive.google.com/file/d/1REoa87GCmt2uhDp7ZYswbTRw4ygQgjsL/view?usp=drivesdk

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 In the United States, the regulatory environment is fragmeningted with
developments taking place at the state and at the federal level. We list
examples
below.
– On March 9, 2022, the Biden administration released an Executive Order
(EO)
on digital assets, outlining a whole-of-government approach to crypto and
addressing both the risks and the benefits. The EO outlines a coordinated
approach directing various federal agencies to develop policy
recommendations on digital assets addressing six key objectives:
• Protect consumers, investors and businesses
• Protect global financial stability and mitigate systemic risk
• Mitigate illicit finance and national security risks
• Reinforce U.S. leadership in the global financial system and economic
competitiveness
• Promote access to safe and affordable financial services
• Support technological advances and responsible innovation
The EO requires several follow-up reports and actions by federal agencies,
many of which are directed at the Department of Treasury, and most of which
have deadlines of 180 days from the issuance of the EO.
– The Board of Governors of the Federal Reserve System (FRB), the Federal
Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of
the
Currency (OCC) have set out their joint work map for 2022. This work map
lists the areas they will provide clarity on including whether certain
activities
related to crypto assets conducted by banking organizations are legally
permissible, their expectations for safety and soundness, consumer
protection,
and compliance with existing laws related to:
• Crypto-asset safekeeping and traditional custody services
• Ancillary custody services
• Facilitation of customer purchases and sales of crypto assets
• Loans collateralized by crypto assets
• Issuance and distribution of stablecoins
• Activities involving the holding of crypto assets on balance sheet
The above-mentioned agencies will also look at bank capital and liquidity
standards and how these apply to crypto asset activities involving U.S.
banking organizations, and they will continue to engage with the BCBS.
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