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• Damian lazarus austin tx update#

Theenforcement action alleges that Farmington’s crypto business plan included work with anunnamed third party to develop technology infrastructure to facilitate the issuance ofstablecoins. They also drew the ire ofRepublican lawmakers.In a separate, but related move to Gibson and Belsky’s guidance, the Federal Reserve Boardin August announced an enforcement action against Farmington State Bank, a small ruralbank in Washington State, which would see the bank wind down its operations. Both letters and the actionsthey detailed serve as a clear signal that the United States central bank is increasing itsscrutiny of financial institutions entering the digital assets space. Gibson alsoannounced in a separate letter that the Fed had set up a program to strengthen oversight ofactivities involving digital assets and blockchain technology. Responding to novel crypto activities from many financial institutions the Fedoversees, Michael Gibson, director of the Division of Supervision and Regulation, and EricBelsky, director of the Division of Consumer and Community Affairs, announced in a co-written letter that state-chartered banks must receive a written notification of supervisorynon-objection from the Fed before issuing, holding or transacting in stablecoins, todemonstrate they can safely and soundly engage in such novel activities. August was a relatively quiet month on Capitol Hill, with Congress out on August recess.Regulators from across the Biden administration, however, remained active, settingexpectations for industry players, shutting down a bank implicated in the FTX scandal, andproposing new regulations for digital assets, a move which sparked reactions fromlawmakers on Capitol Hill.The Federal Reserve (the Fed), via two separate letters from senior officials, outlinedsupervisory expectations for banks interested in engaging in activities involving digitalassets.

Damian lazarus austin tx update#

Akin's August CryptoLink update includes developments from July and August of 2023. Akin aggregates thesestories, but the information contained in them does not necessarily represent the beliefs or opinions ofthe firm. Having trouble reading this email? View it in your browser August 2023Subscribe |Share thisCryptoLink is a compilation of news stories published by outside organizations.