US Regulators to Introduce Unified Rules for Crypto Companies
updated on:16 Sep 2020
A new regulatory approach aiming to reduce the compliance costs incurred by crypto and fintech firms in the country will be unveiled today by the US Conference of State Bank Supervisors (CSBS), according to a report by news outlet Reuters.
Authorities have agreed upon electing a group of examiners from across the US to handle all license grants. This would allow them to jointly supervise a business instead of each individual state having its own committee, the report said. In all, over 48 states regulators agree to follow the unified framework.
With the move, over 78 companies operating in the crypto and fintech sectors—which together transact over $1 trillion annually—will be able to expand more easily across the US and see vastly reduced compliance costs.
John Ryan, the president and CEO of CSBS, said the new approach will be more efficient than previous practices but just as robust. “The states aren’t giving up authority. They’re realizing efficiencies by sharing information,” he said.
Ryan added that states will be able to share information from the exams, and each state will reserve the right to launch independent examinations if they wanted.
The rules came as state regulators and financial bodies recorded complaints from crypto and fintech firms about the complex and time-consuming method of following state by state regulatory compliance for operating a business in the US. This meant a single firm needed to gain over 40 licenses to operate in the US alone.
Share this Blog with your friends
MicroStrategy Board of Directors Now Paid In Bitcoin
updated on:13 Apr 2021
The board of analytics software company MicroStrategy is now paid in Bitcoin, according to the compa
Bitcoin 'Doesn’t Fulfill Basic Properties of Money': ECB Board Member
updated on:10 Apr 2021
Isabel Schnabel, Member of the Executive Board of the European Central Bank (ECB), has described Bit
Bitcoin ETF Approval Will Happen: Morgan Creek’s Mark Yusko
updated on:9 Apr 2021
Morgan Creek Capital Management CEO Mark Yusko has expressed his confidence that a Bitcoin ETF will
Ukrainian Officials Own $2.67 Billion in Bitcoin: Report
updated on:9 Apr 2021
Civil servants and officials in Ukraine are holding a significant amount of Bitcoin (BTC) and other
JP Morgan's Jaime Dimon: Bitcoin Regulation a ‘Serious Emerging Issue’
updated on:8 Apr 2021
The legal and regulatory status of Bitcoin and other cryptocurrencies is something that needs to be