Uncertainty over digital assets traps institutions in ‘supervisory void’ — Fed Governor
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During a speech at the Salzburg Global Seminar on bank regulation and supervision, Bowman called for attention from global regulators to the current supervision of novel banking activities, in particular banking as a service and digital assets. According to Bowman, financial institutions have been left in a “supervisory void” in terms of emerging technologies. “While there have been some efforts to provide guidance, there remains substantial uncertainty about the permissibility of and supervisory expectations for these activities . This leaves banks in the perilous position of relying on general but non-binding statements by policymakers only to be criticized at some
The U.S. crypto sector is set to experience increased regulatory scrutiny from the Federal Reserve, as an initiative known as the Novel Activities Supervision Program comes into play. This program has been designed with the primary aim of bolstering the monitoring of pioneering activities undertaken by financial institutions under the…
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