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Fed chair and US senator agree on core principles — and limits — for a potential digital dollar

Senator Pat Toomey is adamant on establishing limits on a potential central bank digital currency, though he has not yet ruled out supporting one. CBDCs were a hot topic during a hearing before the Senate Banking Committee earlier today focusing on Federal Reserve Chair Jerome Powell’s renomination. In the past, Toomey, the leading Republican on the committee, has noted his desire to protect private stablecoins over a potential CBDC. Speaking with The Block following today’s hearing, he maintained that he …

Gensler hedges on classifying cryptocurrencies as securities in response to Senator’s questions

Securities and Exchange Commission chairman Gary Gensler is keeping mum on new guidance for crypto tokens. After a hearing before the Senate Banking Committee in September, the committee’s leading Republican, Sen. Pat Toomey, wrote Gensler a series of follow-up questions on cryptocurrencies. In responses released on December 3, Gensler stuck to the broad interpretation of existing laws and the Howey and Reeves tests that he has promulgated since taking office. Effectively, Gensler argues that the SEC does not need to …

Yellen says some non-custodial entities won’t be subject to FATF standards

Treasury Secretary Janet Yellen has clarified that U.S. federal regulations are already in line with the Financial Action Task Force’s (FATF) crypto guidance, meaning less-than-easily categorized non-custodial entities won’t bear the burden of transaction reporting. Yellen’s clarifications came in written responses to Sen. Pat Toomey (R-PA), who submitted questions for the secretary ahead of today’s Senate Banking Committee hearing. Toomey’s questions included a section on the implications of the FATF’s crypto guidance, which the intergovernmental body finalized last month. Within …