Web3 Diaries-G20 Set To Crystalize Global Crypto Rules
During a recent roundtable discussion held during a G20 summit, top economic officials pressed for tighter international coordination of cryptocurrency rules.
Kristalina Georgieva, managing director of the International Monetary Fund, argued against an absolute prohibition by comparing cryptocurrency to water: “You try to plug it from one side, it will find some hole and come out.”
The creation of international crypto regulations, according to top U.S. Treasury official Jay Shambaugh, won’t normalize the sector’s catastrophes, just as enforcing seat belts didn’t regular auto accidents, he stated at the same conference. As the G20’s current president, India hosted the roundtable, which adhered to Chatham House regulations and was thus off-limits to the media.
Crypto miners lobbing for friendly policy
Crypto miners are trying to establish a new voice in U.S. policy, starting up the Digital Energy Council to lobby for friendly policy as regulators and Congress are wrestling with the next steps in crypto regulation.
The member group will be advocating for policies “that promote responsible and sustainable energy development, grid resilience, maintain United States competitiveness, and protect national security,” it said in a Tuesday statement.
FDIC Toughen Stance on U.S. Bank; Adds Crypto to Risk Report
The U.S. Federal Deposit Insurance Corporation (FDIC) has added crypto as one of five broad categories this year in its annual risk report, an indicator of the dangers the banking regulator considers a top priority at the moment.
The 2023 Risk Review, which mostly looked back at crypto’s turbulent 2022, says the agency is prepared to engage in “robust supervisory discussions” with the depository institutions it oversees.
“As warranted, the FDIC will issue additional statements related to engagement by banking organizations in crypto-asset-related activities,” it said.
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