After discussing what fluctuating- value cryptocurrencies and stablecoins are, their differences, and their primary uses and risks, we discuss the factors that led to the crypto boom and crash of 2020-22. We then look at the role of banks in crypto-related activities, the response of federal and state bank regulators, and the role of crypto in recent bank failures. We follow with a discussion of Prof. Wilmarth’s recommendations for responding to the risks posed by crypto, including recognizing the Securities and Exchange Commission as the primary federal regulator of most fluctuating-value cryptocurrencies, protecting the banking system by having federal bank regulators prohibit FDIC-insured banks and their affiliates from investing and trading in fluctuating-value cryptocurrencies, and requiring all issuers and distributors of stablecoins to be FDIC-insured banks. We conclude by looking at recent crypto-related SEC enforcement actions and court decisions and what they mean for future SEC crypto-related activity.
Alan Kaplinsky, Senior Counsel in Ballard Spahr’s Consumer Financial Services Group, hosts the conversation.
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By Ballard Spahr LLP
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After discussing what fluctuating- value cryptocurrencies and stablecoins are, their differences, and their primary uses and risks, we discuss the factors that led to the crypto boom and crash of 2020-22. We then look at the role of banks in crypto-related activities, the response of federal and state bank regulators, and the role of crypto in recent bank failures. We follow with a discussion of Prof. Wilmarth’s recommendations for responding to the risks posed by crypto, including recognizing the Securities and Exchange Commission as the primary federal regulator of most fluctuating-value cryptocurrencies, protecting the banking system by having federal bank regulators prohibit FDIC-insured banks and their affiliates from investing and trading in fluctuating-value cryptocurrencies, and requiring all issuers and distributors of stablecoins to be FDIC-insured banks. We conclude by looking at recent crypto-related SEC enforcement actions and court decisions and what they mean for future SEC crypto-related activity.
Alan Kaplinsky, Senior Counsel in Ballard Spahr’s Consumer Financial Services Group, hosts the conversation.
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