The Federal Reserve, the Federal Deposit Insurance Corp. (FDIC), and the Office of the Comptroller of the Currency (OCC) recently issued a joint statement that expressed the agencies’ concerns with banks that have business dealings tied to digital assets, including cryptocurrency.
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Digital Assets, Blockchain, Crypto, Regulation
We're beginning to get some clarity from the White House regarding its approach to digital assets, including the potential development of a Central Bank Digital Currency (CBDC).
With the release of a wide-ranging report, the White House appears to be embracing digital assets and their potential for transparent, cost-efficient, and inclusive financial services. A background press call provided even more insight into the Biden Administration's thinking.
Topics: Payments, Cryptocurrency, Digital Assets, CBDC, Blockchain, Regulation, Digital Ledger Technology
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The Biden Administration's March executive order seeking information on digital assets' usage and security set a flurry of activity into motion. This included a mandate for the Treasury Department to deliver a report on the future of money and payments systems. The agency issued a public request for comment in July, and SRM quickly responded, drawing from our detailed and ongoing coverage of cryptocurrency and other digital assets.
You can read our complete submission here; however, the condensed version below highlights the key points we believe every financial institution should consider as policies toward digital assets take shape.
Topics: Payments, Cryptocurrency, Digital Assets, Stablecoins, Blockchain, Regulation, Digital Ledger Technology
![Blockchain-Blog-Image[13]](https://blog.srmcorp.com/hs-fs/hubfs/Blockchain-Blog-Image%5B13%5D.png?width=1600&name=Blockchain-Blog-Image%5B13%5D.png)
While a number of financial institutions remain cautious about cryptocurrency, many use the underlying technology for other purposes.
The up-and-down swings of digital assets, and an uncertain regulatory climate, have kept a fair share of banks and credit unions on the sidelines. At the same time, FIs have shown a willingness to embrace distributed ledger technology (DLT) ahead of the volatile crypto market.
Topics: Fintech, Blockchain, Credit Union Vendor Contracts, Bank Vendor Contracts, CFPB, Distributed Ledger Technology
Perspective matters when it comes to cryptocurrency.
The demise of the TerraUSD stablecoin has understandably spooked the markets. Any sudden freefall will panic people and make them wonder what’s next.
Investors, and FIs looking to offer crypto services, need to read between the lines and view this crash as an educational opportunity.
Topics: Cryptocurrency, Digital Assets, Stablecoins, Blockchain, Crypto
![Crypto-WP-Blog-Image[94]](https://blog.srmcorp.com/hs-fs/hubfs/Crypto-WP-Blog-Image%5B94%5D.png?width=932&name=Crypto-WP-Blog-Image%5B94%5D.png)
Standing-room-only crowds during breakout sessions at recent industry conferences nationwide are a strong indicator of financial institutions’ growing interest in cryptocurrency and other digital assets.
Topics: Vendor Contract Negotiation, Cryptocurrency, Bank Vendor Management, Credit Union Vendor Management, Digital Assets, Blockchain
The Biden Administration issued its anticipated executive order seeking to coordinate efforts among federal agencies to craft a national policy for digital assets.
While some pundits are worried about the impact of regulation, we assert that this effort brings digital assets, including cryptocurrency, into the mainstream, which should be a positive for financial institutions looking to operate in the space.
Topics: Vendor Contract Negotiation, Cryptocurrency, Bank Vendor Management, Credit Union Vendor Management, Cryptocurrency for Banks and Credit Unions, Digital Assets, Blockchain
![CBDC_FedComments_Blog_Image[13]](https://blog.srmcorp.com/hs-fs/hubfs/CBDC_FedComments_Blog_Image%5B13%5D.png?width=932&name=CBDC_FedComments_Blog_Image%5B13%5D.png)
Creating a US central bank digital currency (CBDC) could have several benefits; however, it would also cause a plethora of systemic challenges for the existing financial system.
Topics: Vendor management, Cryptocurrency, CBDC, Federal Reserve, Blockchain
