Leaders discuss Fintech in Washington, DC

Professor of Law : Georgetown University, and Director, Institute of International Economic Law

Leaders discuss Fintech in Washington, DC

Mark Zuckerberg, Founder and CEO of Facebook, testifies before congress in a suit on Libra, the new cryptocurrency from Facebook
Image courtesy of C-SPAN

The fall brought more than just Mark Zuckerberg’s testimony concerning Facebook’s Libra cryptocurrency to Capitol Hill.  At the same time, leaders convened in Washington to discuss fintech and its implications for the global financial system at various conferences from the IIF’s Annual Membership Conference to Washington DC’s fintech week.  Overviews of the events can be seen here and here.   Mr. Zuckerberg’s testimony is available on C-span.

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FinCEN CFTC, SEC Issue Statement on Crypto

Image of various cryptocurrency symbols floating on black background
Image courtesy of https://www.wealthmanagement.com

In an usually explicit act of cross-agency collaboration, the heads of the Commodity Futures Trading Commission (CFTC), Financial Crimes Enforcement Network (FinCEN) and Securities Exchange Commission (SEC) signed a statement reminding actors in the crypto space that they must comply with various banking and financial services laws in the U.S., regardless of what they call their cryptocurrencies or tokens.  In the statement, the agencies referred to the Bank Secrecy Act (BSA), which outlines how different financial services businesses should register with regulators.  More information is available here.

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