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.
Cryptoassets: Legal Regulatory and Monetary Perspectives
Minilateralism author Professor Chris Brummer has edited a new book with Oxford University Press on the global regulation of cryptoassets. Enjoying contributions from many of the leading technologists and regulatory authorities in the world, Cryptoassets: Legal, Regulatory and Monetary Perspectives provides a cutting-edge account of how the new products are impacting the financial economy.
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.