Thursday, December 14, 2017

Treasury Secretary Mnuchin Holds Discussion on Bitcoin: Urges New Congressional Laws

Treasury Secretary Mnuchin
Earlier today, the Financial Stability Oversight Council held its first meeting in the Trump era.

The FSOC was created to monitor potential threats to the financial system. It is chaired by Treasury Secretary Mnuchin and its members include Fed Chair Janet Yellen and Securities and Exchange Chairman Jay Clayton.

I'm told by individuals familiar with today's meeting that a significant amount of time was devoted to the topic of bitcoin and e-currencies in general.

-RW

UPDATE

“New applications of technology...can be disruptive and can create risks and vulnerabilities that are difficult to anticipate,” the FSOC wrote in its just-released annual report.

“Accordingly, the Council encourages financial regulators to continue to identify and study new products and services...monitor how they affect consumers, regulated entities, and financial markets and coordinate regulatory approaches.”

The report also proposed beefing-up cybersecurity rules, urging Congress to pass laws allowing financial regulators to oversee third-party service providers in that space.

1 comment:

  1. --- "New applications of technology...can be disruptive and can create risks and vulnerabilities that are difficult to anticipate,” the FSOC wrote in its just-released annual report. ---

    And that is what we pay these guys the big bucks: So they can state the obvuous, ans in an official report no less.

    ReplyDelete