The industry has largely avoided added federal oversight after the Equifax hack; the product has created a “financial albatross” as consumers game the system.
More traditional players interested in creating a safer market for digital assets have issued a checklist that cryptocurrency firms can follow to build confidence among banks, consumers and regulators.
Facebook’s payments ambitions have made banks wary for years, despite many false starts. But now it looks as if Facebook is pivoting to develop a remittance business, starting with a cryptocurrency project in India.
Many banks and government officials are dubious about crypto, but Ohio Treasurer Josh Mandel lets businesses pay their taxes with it and has put all the state government’s expenses on a public ledger.
Two U.S. senators demand an investigation into the German bank over security, criminal risks; the Treasury has proposed rules to help foreign banks deal with last year’s tax law.
The two agencies seek to end the acrimony with the companies they regulate; the government is trying to make it easier for the wounded Deutsche Bank to merge with rival Commerzbank.
The central bank may be looking at other benchmarks besides the fed funds rate to conduct monetary policy; dropping human appraisers from most home sales raises concerns.
Miners of the digital currency are losing interest, which could lead to more price declines; scandal-scarred banks among those that endorse Principles for Responsible Banking.
