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Crypto, Crypto Everywhere
February 23, 2023

It would hardly be an exaggeration to say that every issue of Cabinet News and Views could be a special issue devoted to crypto-assets. Crypto again dominates our coverage this week, just as it comes up in just about every conversation my colleagues and I have here in DC and with clients across the country.

But let's not let the crypto focus get in the way of other financial regulatory news. This week we also take a look at consumer disclosure and bank regulatory issues in the U.S. and, over in the UK, important Prudential Regulation Authority regulatory priorities for 2023.

We are always happy to talk crypto (or anything else in the financial regulatory space). Just drop us a line here

Daniel Meade 
Editor, Cabinet News and Views

Partner | Financial Regulation
Partner | Financial Regulation

Earlier today, the Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency issued a “Joint Statement on Liquidity Risks to Banking Organizations Resulting from Crypto-Asset Market Vulnerabilities.”

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Partner | Financial Regulation
Partner | Financial Regulation

The FDIC continued its work to ensure that the public is not misled regarding deposit insurance by reporting this past week on a series of cease and desist demands it sent to two financial institutions and two websites that misrepresented the applicability of deposit insurance to their own products and to crypto, in general.

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Partner | Financial Regulation

The State of New York passed a law in December 2020 – the Commercial Finance Disclosure Law, with an effective date of June 2021 – that prescribed required disclosures for commercial finance transactions that are $2,500,000 or less. Accordingly, the New York Department of Financial Services finally published regulations implementing the law.

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On 10 January, the UK’s Prudential Regulation Authority wrote to international banks active in the UK to update them on regulatory priorities for 2023.

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Partner | Financial Regulation

Federal Reserve Board Governor Michelle Bowman gave remarks last week to the American Bankers Association Community Banking Conference during which she discussed the role of FRB independence, predictability and tailoring in the FRB’s Bank Regulatory and Supervision function, as opposed to its monetary policy function.

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