Mark Carney criticizes reliance on US dollar, suggests possibility of multilateral digital asset
The Bank of England's governor, Mark Carney, the Bank of England governor, has said that the world’s reliance on the US dollar “won’t hold” and needs to be replaced by a new international monetary and financial system based on many more global currencies. Part of the solution could come from a multilateral digital currency. The Financial Times story is here.
Chris Brummer Discusses Congressional Responses to Facebook's Global Cryptocurrency
Minilateralism's Author Discusses Libra, Facebook's Proposed Global Cryptocurrency
On July 17, 2019, Georgetown Law Professor Chris Brummer — the faculty director of the Institute of International Economic Law (IIEL) and author of Minilateralism — testified before the House Financial Services Committee with respect to Libra, Facebook’s proposed cryptocurrency. The hearing was chaired by Rep. Maxine Waters (D-CA) and Ranking Member Patrick McHenry (R-NC).
Professor Brummer Delivers Talk at the Bank of England
Minilateralism's author, Chris Brummer, delivered a talk at a conference sponsored by the Bank of England and Queen Mary's Centre for Commercial Law Studies exploring regulatory perimeter, cross-border dimension and virtual currencies.
Professor Brummer's remarks centered on the tradeoffs involved in the regulation--and deregulation--of financial innovation, and the challenges posed to international financial coordination.
Non-Banks aren't the Same as Banks in Mortgage Lending
Minilateralism author Chris Brummer had the opportunity to appear on CNBC to discuss the rise of non-banks in the mortgage lending. Among the points he highlights--the potential for non-banks to offer lending services in ways that require them to carry less capital than their more heavily counterparts in the banking industry.
Steven Maijoor, Chair of the European Securities and Markets Authority, to Talk Fintech, Cryptocurrencies and Clearinghouses
Steven Maijoor, the Chair of the European Securities and Markets Authority, will be sitting for a rare one on one interview, with Professor Chris Brummer, at Georgetown Law on June 12, 2019. During the interview, Mr. Maijoor will discuss recent and upcoming developments relating to cryptocurrency regulation, blockchain technologies, and cross-border equivalence for derivatives infrastructures. Reservations can be made here.
FinCEN Decries Venezuela’s Attempt to Circumvent Sanctions
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) has issued an updated advisory to warn financial institutions of continued widespread public corruption in Venezuela. This is part of an ongoing effort by United States to isolate the Maduro regime who recently lost a popular election but has refused to leave office thus inciting many countries to criticize the emerging dictator. The story is here.
Fintech goes Minilateral
Fintech is one of the most recent sectors to enter the world of minilateral regulation--and is subject to informal rules (soft law), agreements by narrow alliances of regulators, and business plans intending to provide alternatives to the U.S. dollar. But even as such, regulators face a number of key challenges. Georgetown University professor Chris Brummer breaks down this rapidly evolving field, and explains how.
Basel Committee Issues New Crypto Asset Warnings
The Basel Committee on Banking Supervision (BCBS) issued a statement on “crypto-assets,” highlighting that new financial products related to crypto have the potential to increase the risks to banks who engage in digital or crypto assets. The BCBS, an informal standard setting body, was established by central bank governors to cooperate on regulatory and supervisory matters. The story is here.