Key financial regulators call for stronger licensing of crypto firms
The Financial Stability Oversight Council convened today for an open meeting, at which several key regulators cited issues with cryptocurrency firms. Gary Gensler maintains that crypto firms remain non-compliant with existing laws.
Crypto exchanges operating within the U.S. currently do so primarily via various state money transmitter registrations. Fellow FSOC member Rohit Chopra, the director of the Consumer Financial Protection Bureau, argued that status quo is inadequate for crypto and other fintech firms, especially those that hold customer deposits without insurance from the Federal Deposit Insurance Corporation.
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