MetaverseNFTCoins.com
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams
No Result
View All Result
MetaverseNFTCoins.com
No Result
View All Result

Ex-Treasury Official: Crypto Fits Into Current Regs

December 14, 2021
in Regulations
Reading Time: 4 mins read
A A
Ex-Treasury Official: Crypto Fits Into Current Regs
ShareShareShareShareShare

The rules apply to you. Now get over yourselves and start complying.

That was, roughly, the message that Amias Gerety, a partner at QED Investors and a Treasury Department official in the President Barack Obama administration, had for the cryptocurrency industry in a conversation with PYMNTS’ Karen Webster.

“I think that there’s been a willful desire not to accept laws that are already on the books,” Gerety said. “I think the clearer regulators can be, these are the laws, and they apply, the better off we’ll be.”

Gerety, who was first deputy assistant secretary for the Financial Stability Oversight Council and then acting assistant secretary for Financial Institutions at the Treasury Department when the 2008-2009 subprime mortgage crisis was playing out, was speaking specifically about the President’s Working Group on Financial Markets stablecoin report. But, he made clear, he was speaking about the crypto industry generally.

The stablecoin report — which Gerety addressed in much more detail in “The Stablecoin Problem”— called for new regulations to cover dollar-pegged cryptocurrencies, and the subsequent hearing by the House Financial Services Committee at which six crypto industry executives spoke.

“I was disappointed in the stablecoin report because instead of firmly asserting that there are laws in place to govern these activities, we have recommendations for potential new regulation, and then much less-well-stated discussion of potential actions that regulators could take,” he said. “I think that’s a mistake because what we can see from the hearing last week is where authorities are clear,” you get a divide between two halves of the crypto industry.

See more: Scenes From the Five-Hour Congressional Hearing on Crypto

On the one hand, he said, there are larger “entities that want to take law seriously, want to take compliance seriously — they have real market caps that they want to protect.” On the other hand, there are companies where things are grayer.

“There’s always going to be people who don’t want to comply with the law,” he said.

Crystal Clear

Gerety said that it is the U.S. authorities’ responsibility to be “crystal clear that the rules apply.”

Where that’s happened — most notably when it comes to cryptocurrency exchanges and other companies complying with know your customer (KYC) and anti-money laundering (AML) regulations — the big players are compliant. With those particular regulations, “there’s just no doubt about it — those rules apply,” he said.

At the same time, Gerety told Webster that there “has been a willful desire not to accept laws that are already on the book” by the crypto industry broadly. “Laws and regulations should be technology-agnostic. I don’t think that making an asset digital requires any new regulation.”

Gerety also spoke up in favor of something the crypto community has been talking about since former Securities and Exchange Commission (SEC) Chairman Jay Clayton started going after initial coin offerings as securities sales after the 2017 crypto boom: enforcement by regulation. Current SEC Chairman Gary Gensler is doing much the same thing, he added, except he is going after the biggest players instead of the biggest projects.

Read more: Regulatory Agency Turns Attention to Exchanges, SEC’s Gensler Again Calls Crypto ‘Wild West’

Looking at arguments that shoehorning crypto into the existing legal framework will kill innovations and damage its ability to provide faster and cheaper financial services around the clock, Gerety argued that there should be a “very high bar” for changing basic financial regulations for a new technology.

Besides, he noted, the existing banking system has both the Federal Reserve’s FedNow initiative and The Clearing House’s real-time payment product, RTP, are working on doing the same thing.

See also: Real-Time Payments Are Coming — But Do We Need Crypto to Deliver It?

“Ultimately, the way normal financial institutions do this is they read the laws,” Gerety told Webster. “They acknowledge the laws apply, and then they figure out the best compliance regime. And the crypto community has largely not taken that approach. And until they do, we’re going to have a lot of gnashing of teeth.”

But when they do, the discussion will be a lot more like the stablecoin hearing’s discussion of KYC and AML rules, he predicted.

“There’s not a lot of ambiguity,” he said. “You’ve got to comply. Here are your frameworks, hire some compliance people, hire good lawyers and just comply.”

——————————

NEW PYMNTS DATA: WHAT U.K. CONSUMERS EXPECT FROM THEIR GROCERY SHOPPING EXPERIENCES

About: Forty-four percent of U.K. grocery shoppers spend more at grocery stores when they have access to loyalty programs, and an equal share say the presence of loyalty programs alone dictates where they shop. What U.K. Consumers Expect From Their Grocery Shopping Experiences surveyed 2,501 U.K. consumers to examine how retailers can best leverage loyalty programs to drive spend and win new customers.

Credit: Source link

ShareSendTweetPinShare
Previous Post

NFT Development Solutions, From NFT Arts to Exclusive NFT Metaverse of Realtime

Next Post

[OPINION] Should banks be held liable for the BDO/Unionbank phishing scam?

Next Post
[OPINION] Should banks be held liable for the BDO/Unionbank phishing scam?

[OPINION] Should banks be held liable for the BDO/Unionbank phishing scam?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Weekly Updates

Watch out, Coinbase users: A nasty new wallet-draining scam is doing the rounds

Watch out, Coinbase users: A nasty new wallet-draining scam is doing the rounds

August 5, 2022
The Art World Has a Problem. But NFTs May Offer ‘a Real Solution’

The Art World Has a Problem. But NFTs May Offer ‘a Real Solution’

August 5, 2022
Tezos NFT Market Continues To Shine In July Despite Crypto Market Tumble

Tezos NFT Market Continues To Shine In July Despite Crypto Market Tumble

August 5, 2022
Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, and NFTs: Aug. 10-16, 2022

Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, and NFTs: Aug. 10-16, 2022

August 10, 2022
Sumitomo Mitsui Bank Steps Into NFTs With Bare-Bones Strategy Outline

Sumitomo Mitsui Bank Steps Into NFTs With Bare-Bones Strategy Outline

August 9, 2022
MetaverseNFTCoins.com

This is an online news portal that aims to provide the latest NFT news, crypto news, blockchain, regulations, scams, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch.

What’s New Here!

  • Bank of England Analysts See Crypto Having Important Roles in the Metaverse — Discuss the Need for Regulation – Metaverse Bitcoin News
  • Crypto Broker Genesis Says Lending Business Declined in Q2
  • Australian crypto ownership warrants consumer protection, says regulator

Subscribe Now

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2021 - metaversenftcoins.com - All rights reserved!

No Result
View All Result
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams

© 2021 - metaversenftcoins.com - All rights reserved!

  • bitcoinBitcoin (BTC) $ 24,447.00 6.2%
  • ethereumEthereum (ETH) $ 1,879.47 11.21%
  • tetherTether (USDT) $ 1.00 0.28%
  • bnbBNB (BNB) $ 330.66 2.33%
  • usd-coinUSD Coin (USDC) $ 1.00 0%
  • xrpXRP (XRP) $ 0.382181 4.95%
  • cardanoCardano (ADA) $ 0.539771 5.43%
  • binance-usdBinance USD (BUSD) $ 1.00 0.1%
  • solanaSolana (SOL) $ 44.65 12.23%
  • polkadotPolkadot (DOT) $ 9.39 7.75%
  • dogecoinDogecoin (DOGE) $ 0.071478 4.44%
  • avalanche-2Avalanche (AVAX) $ 29.68 8.01%
  • staked-etherLido Staked Ether (STETH) $ 1,815.71 11.5%
  • shiba-inuShiba Inu (SHIB) $ 0.000012 3.19%
  • daiDai (DAI) $ 1.00 0.12%
  • matic-networkPolygon (MATIC) $ 0.939642 6.03%
  • tronTRON (TRX) $ 0.070900 3.17%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 24,531.00 6.56%
  • ethereum-classicEthereum Classic (ETC) $ 38.78 4.83%
  • okbOKB (OKB) $ 19.18 6.83%
  • leo-tokenLEO Token (LEO) $ 4.75 0.71%
  • litecoinLitecoin (LTC) $ 62.03 5.8%
  • nearNEAR Protocol (NEAR) $ 5.83 7.33%
  • ftx-tokenFTX (FTT) $ 31.97 8.31%
  • chainlinkChainlink (LINK) $ 9.02 7.22%
  • uniswapUniswap (UNI) $ 9.17 8.9%
  • crypto-com-chainCronos (CRO) $ 0.153258 5.78%
  • cosmosCosmos Hub (ATOM) $ 12.21 12.45%
  • stellarStellar (XLM) $ 0.125872 3.86%
  • flowFlow (FLOW) $ 3.03 6.07%
  • moneroMonero (XMR) $ 165.69 4.07%
  • bitcoin-cashBitcoin Cash (BCH) $ 142.89 6.86%
  • algorandAlgorand (ALGO) $ 0.365173 7.02%
  • vechainVeChain (VET) $ 0.032817 10.07%
  • filecoinFilecoin (FIL) $ 8.72 8.21%
  • apecoinApeCoin (APE) $ 7.13 6.5%
  • internet-computerInternet Computer (ICP) $ 8.45 9.47%
  • decentralandDecentraland (MANA) $ 1.08 5.97%
  • chain-2Chain (XCN) $ 0.087932 2.12%
  • hedera-hashgraphHedera (HBAR) $ 0.079370 5.89%
  • tezosTezos (XTZ) $ 1.94 9.27%
  • quant-networkQuant (QNT) $ 128.81 5.48%
  • the-sandboxThe Sandbox (SAND) $ 1.34 4.56%
  • axie-infinityAxie Infinity (AXS) $ 18.84 6.53%
  • theta-tokenTheta Network (THETA) $ 1.61 5.74%
  • elrond-erd-2Elrond (EGLD) $ 68.18 10.18%
  • aaveAave (AAVE) $ 110.27 12.28%
  • lido-daoLido DAO (LDO) $ 2.76 22.8%
  • fraxFrax (FRAX) $ 0.994181 1.08%
  • eosEOS (EOS) $ 1.30 10.53%