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Financial Services Law Insights and Observations


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  • Senate launches Financial Innovation Caucus

    Federal Issues

    On May 25, Senators Cynthia Lummis (R-WY) and Kyrsten Sinema (D-AZ), along with several other bipartisan Senators, announced the creation of the U.S. Senate Financial Innovation Caucus to highlight “responsible innovation in the United States financial system, and how financial technologies can improve markets to be more inclusive, safe and prosperous for all Americans.” The Senate will use the caucus “to discuss domestic and global financial technology issues, and to launch legislation to empower innovators, protect consumers and guide regulators, while driving U.S. financial leadership on the international stage.” The press release notes that the caucus is timely because of the “growing regulatory focus on digital assets,” which includes efforts by the Federal Reserve Board, SEC, and other foreign governments to create digital currencies. The caucus will focus on critical issues pertaining to the future of banking and U.S. competitiveness on the global stage, including: (i) distributed ledger technology (blockchain); (ii) artificial intelligence and machine learning; (iii) data management; (iv) consumer protection; (v) anti-money laundering; (vi) faster payments; (vii) central bank digital currencies; and (viii) financial inclusion and opportunity for all.

    Federal Issues Fintech U.S. Senate Digital Assets Artificial Intelligence Finance Central Bank Digital

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  • FDIC seeks input on digital assets

    Agency Rule-Making & Guidance

    On May 17, the FDIC issued a notice and request for comments regarding information on insured depository institutions’ (IDIs) current and potential digital asset activities. The Request for Information (RFI) solicits input on digital asset use cases involving IDIs and their affiliates to help the agency “inform its understanding of the industry’s and consumers’ interests in this area.” According to the agency, there are “novel and unique considerations” connected to digital assets and “banks are increasingly exploring several roles in the emerging digital asset ecosystem, such as being custodians, reserve holders, issuers, and exchange or redemption agents; performing node functions; and holding digital asset issuers’ money deposits.” FDIC Chairman Jelena McWilliams states that digital asset areas have “seen rapid expansion and innovation in recent years” and that “[t]his RFI gives us an opportunity to gain additional insight into the market, and what role banks might play in the future.” The deadline for submitting comments for the RFI is July 16.

    Agency Rule-Making & Guidance FDIC Federal Issues Fintech Digital Assets

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