US State Bank Regulators Agree to Single Set of Rules for Fintech, Crypto Firm Licensing
Agencies from 48 states are expected to unveil a new framework today that will simplify and consolidate regulation for crypto companies.
Sep 15, 2020 at 1:20 p.m. UTCUpdated Aug 19, 2021 at 4:20 a.m. UTC
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Bank regulators in 49 U.S. states, Washington, D.C. and Puerto Rico plan to make compliance for cryptocurrency companies simpler by consolidating supervisory exams.
- The Conference of State Bank Supervisors (CSBS), a coordinating body for state regulators, confirmed to Reuters the new regime for money service businesses (MSB) will introduce the same rules and standards across 48 states.
- This will streamline compliance, making it easy for state-licensed money transmitters like Coinbase to work across multiple states, instead of going through the time and expense of getting regulated in each and every one.
- One state will lead a group in representing all 49 regulatory bodies in evaluating each different company, and this model will apply to 78 MSBs, including Western Union and PayPal, that together move a reported $1 trillion annually.
- Speaking to Reuters, John Ryan, CSBS’ president and CEO, said the framework will be just as robust, but much more efficient, at enforcing state regulation.
- The CSBS is expected to unveil the new regulatory regime sometime on Tuesday.
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UPDATE (Sept. 15, 2020, 18:05 UTC): This article has been updated for clarity.
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