49 US states; Bank regulators in Washington DC and Puerto Rico plan to consolidate audit exams to facilitate compliance with cryptocurrency companies.
The State Bank Supervisors Conference (CSBS), a coordinating body for state regulators, confirmed that the new regime for money service businesses (MSB) will apply the same rules and standards in 48 states. This will streamline compliance and make it easier for state-licensed money transfers like Coinbase to operate across multiple states, rather than go through the regulatory time and expense in each.
One state will lead a group representing all 49 regulators in assessing each different company, and this model will be applied to 78 MSBs, including Western Union and PayPal, which together move $ 1 trillion reported annually.
Speaking to Reuters, CSBS president and CEO John Ryan said the framework would be equally robust but much more efficient in enforcing government regulations. CSBS is expected to announce the new regulatory regime on Tuesday.
Emin Gün Sirer, CEO of Avalanche, drew attention to this situation; “Important news. What to bring, I can’t wait to hear. ” made the statement.
Statement of the FED
The Federal Reserve (Fed) is holding Federal Open Market Committee (FOMC) meetings today and tomorrow. While no changes are expected within the scope of the meetings, the changes that can be made in the decision text and verbal orientation are reflected in the markets.
Asia Chief Economist Mickey Levy does not expect the Fed to make any changes in monetary policy, Anadolu Agency reported. Levy states that a statement can be made in the FOMC decision text stating that “inflation over 2 percent may be preferred for low inflation in recent years as a regulation strategy”. However, Levy stated that the Fed’s estimates could revise the growth upwards for 2020 and revise the unemployment data downwards. Recent meeting minutes and speeches made it clear that the FOMC is considering forward guidance based on a range of possible calendars and results. The most likely outcome is that it will formalize the Fed’s departure from viewing maximum employment as a constraint that would lead to rate increases.
Coronavirus Vaccine and Markets
According to Bloomberg HT, gold prices are on the rise before the critical meeting of the Fed to indicate the policy outlook this week may come.
markets have turned their eyes on the latest developments in coronavirus vaccine. While countries and companies are making vaccine announcements one after the other, investors closely follow this situation.
However, after the FOMC meeting, policy makers are not expected to change an important issue. What matters for the markets is whether or not to change their current guidance on how long the benchmark rate will remain near zero. No update is expected in this regard. However, it is stated that such a change may occur soon.