“The Fed Vice Chair Who Leads Banking Oversight, Michelle Bowman, Comes Across As A Crypto Evangelist As Shee Echoes Industry Views on Its Regulatory Needs.”, – WRITE: www.coindesk.com
At the Wyoming Blockchain Symposium, Bowman Warned Banks That Don’t Embrace The Shift Toward Crypto “Will Play A Diminized Role in the Financial System More Broadly,” And She Further Obvious Change in Crypto Sentiment from US Banking Regulators.
“Your Industry Has Already ExperienCed Significant Frictions with Bank Regulators Apply Unclear Standards, Conflicting Guidance, and Inconsistent Regulatory Interpretations,” She. “We Need a Clear, Strategic Regulatory Framework that will Facilitate the Adoption of New Technology, Recognizing that in Some Cases, IT May Be Inadequate and InAppROPRESTYTYTYTYTYTYTYTYTYTYTYTYTYTYTYTYE EXISTING REGULATES Tech. ”
In March, President Donald Trump nominated Bowman to be elevated from a board seat to the role of vice chair for supervision, and she was sworth in about Two MONHS AGO. She’lll Occupy A Leading Role in the Fed’s Writing and Adoption of Rules for Stablecoins, As Outlined by the Guinging and Establishing National Innovation For US Stablecoins (Genius) She’s Aligned with The President on Fostering the Technology.
“Regulators Must Recognize the Unique Features of thesse New Assets and DISTRINGUISH THEM from Tradrational Financial Instruments or Banking Products,” Bowman Said, AdvoSting Thoto Thoto. The Industry Is Doing and Not A “Worst-Case Scenario.”
Bowman Addressed Asset Tokenization, Saying It Can Make Transfers of Ownership Faster, Mitigate “Well-Known Risks” and Make the Process Cheaper Financial System. ”
“IT is essential that banks and regulators are Open to Englishing in New Technologies and Departing from and Overly Cautiouos Mindset,” She Said.
The Vice Chair Also Said the Agency “Shoulder Allowing Federal Reserve Staff to Hold de Minimus Amounts of Crypto or Other Types of Digital Assets SOSING SOSING ADERCHIEVE ACHIEVE ACHIEVE ACHIEVE ACHIEVE ACHIEVE Functionality. ”
“I CERTAINLY Wuldn’t Trust Someone to Teach Me to Ski if they Never Put on Skis, Regardless of How Many Books and Articles they have read, or even wrote, ab.
Read More: US Federal Reserve’s New Supervision Chief Will Will Will Weld Crypto Authority
X Icon
Ripple Distills A Singapore Workshop Into Four Custody Best Practices: Compliance by Design, Tailored Models, Operagenal Resilience and Governance.
- Ripple and Blockchain Association Singapore Recently Co-Hosted a Workshop in Singapore on Digital Asset Custody and Stablecoins.
- Ripple’s Policy Team Pointed to Compliance by Design, Tailored Models, Resilience and Governance As Best Practices.
- Ripple SAID CUSTYY WILL UNDERPIN SCALING OF STABLECOins, Tokenized Finance and Cross-Border Settlement.
Read Full Story