Uncertainty over digital assets traps institutions in ‘supervisory void’ — Fed Governor By Cointelegraph
[ad_1]
During a speech at the Salzburg Global Seminar on bank regulation and supervision, Bowman called for attention from global regulators to the current supervision of novel banking activities, in particular banking as a service and digital assets. According to Bowman, financial institutions have been left in a “supervisory void” in terms of emerging technologies.
“While there have been some efforts to provide guidance, there remains substantial uncertainty about the permissibility of and supervisory expectations for these activities […]. This leaves banks in the perilous position of relying on general but non-binding statements by policymakers only to be criticized at some point in the future,” said Bowman, whose term at the Fed ends in 2034.
Continue Reading on Coin Telegraph
[ad_2]
Source link
During a speech at the Salzburg Global Seminar on bank regulation and supervision, Bowman called for attention from global regulators to the current supervision of novel banking activities, in particular banking as a service and digital assets. According to Bowman, financial institutions have been left in a “supervisory void” in terms of emerging technologies.
“While there have been some efforts to provide guidance, there remains substantial uncertainty about the permissibility of and supervisory expectations for these activities […]. This leaves banks in the perilous position of relying on general but non-binding statements by policymakers only to be criticized at some point in the future,” said Bowman, whose term at the Fed ends in 2034.
Continue Reading on Coin Telegraph
About The Author
