From: New York Law Journal
George W. Madison, Michael E. Borden and Michael D. Lewis
In June, the Treasury Department issued a report, “A Financial System That Creates Economic Opportunities: Banks and Credit Unions,” that serves as the most detailed roadmap yet on how Congress and the federal financial regulators might revisit the post-financial crisis regulatory framework. It is a blueprint primarily for loosening regulation of the U.S. banking sector. The recommendations in the Treasury report represent a wide-ranging rethinking of the rules governing banks and credit unions. If the recommendations were implemented in full or in large part, they would meaningfully reduce costs and other burdens for many institutions. Critics say they would negatively impact the financial system.
So far, regulators in most major markets haven’t taken actions as drastic as China, whose ban on ICOs spurred selloffs across bitcoin and ethereum. The U.S. said in July ICO issuers must adhere to federal securities law, while Singapore and Hong Kong have also said they will regulate such sales if the tokens constitute securities. The latter said in a statement on Tuesday that ICOs bear risks of fraud and money laundering.