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Erschienen in:
Overview of the US Banking System Kapitel lesen Erstes Kapitel lesen

2020 | OriginalPaper | Buchkapitel

3. The Crypto-currency Regulations

verfasst von : Felix I. Lessambo

Erschienen in: The U.S. Banking System

Verlag: Springer International Publishing

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Abstract

Crypto-currency is a disruptive concept that is an alternative to fiat currency used in the present monetary system. The online ecosystem surrounding crypto-currency opens new cyber and insider threat vulnerabilities, while the iterative nature of the DLT underlying crypto-currencies prevents reversibility when a fraudulent or unlawful transaction has occurred. While several regulators have each consider regulating crypto-currency, they seem not to agree as to the holistic approach, as each looks solely from the lenses of its mission.

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Vorheriges Kapitel Banking Laws
Nächstes Kapitel Anti-Money Laundering Laws
Fußnoten
1
Ana Berman (2019): MF and World Bank Launch Quasi-Crypto-currency in Exploration of Blockchain Tech, https://​cointelegraph.​com.
 
3
FATF 2015 Guidance, supra note 2, at 26.
 
4
Scott D. Hughes (2017): Crypto-currency Regulations and Enforcement in the US, Western State Law Review, 45 W. St. L. Rev. 1, p. 4.
 
5
Jay Clayton (2017): Statement on Crypto-currencies and Initial Coin Offerings, https://​www.​sec.​gov/​news/​public-statement/​statement-clayton-2017-12-11.
 
7
Committee on Homeland Security and Governmental Affairs (2013): Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies, p. 1.
 
8
Committee on Homeland Security and Governmental Affairs (2013): Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies, p. 31.
 
9
IMF (2018): Casting Light on Central Bank Digital Currency, p. 10.
 
10
Committee on Homeland Security and Governmental Affairs (2013): Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies, p. 2.
 
11
Committee on Homeland Security and Governmental Affairs (2013): Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies, p. 3.
 
12
Committee on Homeland Security and Governmental Affairs (2013): Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies, p. 5.
 
13
Committee on Homeland Security and Governmental Affairs (2013): Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies, p. 7.
 
14
IMF (2018): Casting Light on Central Bank Digital Currency, p. 11.
 
15
IMF (2018): Casting Light on Central Bank Digital Currency, p. 13.
 
16
US Department of the Treasury (2017): Public–Private Exchange—Risks and Vulnerabilities of Virtual Currency, p. 18.
 
17
IMF (2019): FinTech: The Experience so Far, p. 38.
 
18
IMF (2018): Casting Light on Central Bank Digital Currency, p. 9.
 
19
The risk of structural “deflation”; flexibility to respond to temporary shocks to money demand and thus smooth the business cycle; and the capacity to function as a lender-of-last-resort.
 
21
US Department of the Treasury-Financial Crimes Enforcement Network (2013): Guidance on the Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies, https://​www.​fincen.​gov/​sites/​default/​files/​shared/​FIN-2013-G001.​pdf.
 
23
US Department of the Treasury—FinCEN Rule (2016): Customer Due Diligence Requirements for Financial Institutions, https://​www.​gpo.​gov/​fdsys/​pkg/​FR-2016-05-11/​pdf/​2016-10567.​pdf.
 
24
It is an online form, and it is free.
 
25
Committee on Homeland Security and Governmental Affairs (2013): Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies, p. 35.
 
26
FIN-2013-G001 Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies (March 18, 2013), https://​www.​fincen.​gov/​sites/​default/​files/​shared/​FIN-2013-G001.​pdf [hereinafter FinCEN Guidance].
 
27
Those who merely use virtual currency to purchase goods or services.
 
28
Application of Money Services Business Regulations to the Rental of Computer Systems for Mining Virtual Currency, FIN-2014-R007 (April 29, 2014); Application of FinCEN’s Regulations to Virtual Currency Software Development; and Certain Investment Activity, FIN-2014-R002 (January 30, 2014).
 
29
Jamal El-Hindi (May 26, 2017): Conference of State Bank Supervisors (CSBS) Federal Supervisory Forum.
 
30
In US v. Nurgio, SDNY (September 19, 2016).
 
31
United States v. Velastegui, 199 F.3d 590, 593 (2d Cir. 1999).
 
32
IMF (2019): FinTech: The Experience so Far, p. 23, http://​www.​imf.​org/​external/​pp/​ppindex.​aspx.
 
33
Securities and Exchange Commission v. REcoin Group Foundation, et al., Civil Action No Securities and Exchange Commission v. Reginald, Case 1:19-CV-04625-CBA-RER.17-cv-05725 (E.D.N.Y., filed September 29, 2017).
 
34
Securities and Exchange Commission v. Reginald, Case 1:19-CV-04625-CBA-RER.
 
35
Securities and Exchange Commission v. KIK Interactive Inc. Case 1:19-cv-05244.
 
36
CFTC v. McDonnell and CDM, EDNY (August 23, 2018).
 
38
IMF (2019): FinTech: The Experience so Far, p. 30.
 
39
IMF (2019): FinTech: The Experience so Far, p. 30.
 
40
Ivo Jenik and Kate Lauer (2017): Regulatory Sandboxes and Financial Inclusion, p. 1.
 
41
Ivo Jenik and Kate Lauer (2017): Regulatory Sandboxes and Financial Inclusion, p. 1.
 
42
Ivo Jenik and Kate Lauer (2017): Regulatory Sandboxes and Financial Inclusion, p. 3.
 
43
Ivo Jenik and Kate Lauer (2017): Regulatory Sandboxes and Financial Inclusion, p. 4.
 
Metadaten
Titel
The Crypto-currency Regulations
verfasst von
Felix I. Lessambo
Copyright-Jahr
2020
Buch
The U.S. Banking System

Print ISBN: 978-3-030-34791-8

Electronic ISBN: 978-3-030-34792-5

Copyright-Jahr: 2020

DOI
https://doi.org/10.1007/978-3-030-34792-5_3