Treasury Financial News

Charles Randell (pictured), was chair of the FCA and PRS between 2018 and 2022.

The committee heard about the US approach to central bank digital currency, cryptoasset regulation and how sexism is tackled in the US financial services industry.

The Treasury also declined to regulate decentralised finance (DeFi) in this phase of regulation, saying it would be 'premature and ineffective'.

Valérie Baudson, CEO of Amundi

Valérie Baudson, CEO of Amundi

The Biden administration has designated crypto "mixers" as primary money-laundering hubs.

Sam Woods, deputy governor of the BoE and head of the Prudential Regulation Authority

There was also feedback on whether non-UCITS funds might be rebranded to help rationalise the regime, and if so, how best to do this.

The United States Treasury's Office of Foreign Assets Control (OFAC) has sanctioned several cryptocurrency wallets associated with the illegal fentanyl trade. 

This would add to the potential equity and debt raising that is being targeted by the bank in order to refinance a £350m MREL debt due next year.

The US Department of Treasury has imposed sanctions on cryptocurrency wallets of China-based chemical companies and individuals tied to illegal production and trafficking of fentanyl.

The chair of the Senate Banking Committee, Sherrod Brown has urged key federal agencies to use their existing authority to address concerns within the cryptocurrency industry and enhance transparency to protect investors.

Grant Shapps was appointed as defence secretary on 31 August. Image: Lauren Hurley / DESNZ

Conservative MP Harriett Baldwin (pictured) is the chair of the Treasury Committee.

On Monday (10 July), Chancellor Jeremy Hunt introduced a “sweeping package of UK regulatory reforms” following his Mansion House speech.

The regulator's consultation on ESG data and ratings providers, published on Wednesday (5 July) will close on 5 October 2023.

The IA railed against the Treasury's view that the greatest risk of harm is from unregulated ESG ratings, and not data.

The US Department of the Treasury is looking into privacy behind the potential of a future retail central bank digital currency, a Treasury official said on Tuesday.

Washington DC-based Blockchain Association filed an amicus brief in support of crypto think tank Coin Center’s lawsuit against the US Treasury Department over its sanctions against Tornado Cash.

Hong Kong has decided to let retail investors trade cryptocurrency under its new regulatory regime because «virtual assets are going to stay», the city's minister overseeing financial services said Tuesday.Cryptocurrencies have been banned in mainland China since 2021, but the former British colony, which has a separate financial system and regulators, has announced plans to become a major digital asset hub. From June 1, authorities will begin accepting applications for licences from cryptocurrency exchanges that will allow them to sell major tokens including bitcoin and ether to individual traders. «Despite the potential risks involved, (virtual assets) also carries with it fundamental value,» Christopher Hui, Hong Kong's secretary for financial services and the treasury, told AFP in an interview.

US Sen. Elizabeth Warren called out cryptocurrency’s role in fentanyl drug transactions and pushed for her bill to combat money laundering during a congressional hearing on Wednesday.