Fed to discuss payments, while crypto industry meets Democrats
The Federal Reserve will host a Payments Innovation Conference on Oct. 21 to examine new technologies and ways to improve the safety and efficiency of the U.S. payments system.
The event will gather regulators, industry participants and technologists to discuss the convergence of traditional and decentralized finance, emerging stablecoin use cases and business models, the intersection of artificial intelligence and payments, and tokenization of financial products and services.
The conference will be livestreamed at the official website and additional details will be posted ahead of the meeting.
The conference will be livestreamed at the official website and additional details will be posted ahead of the meeting.
Separately, a roundtable led by Senator Kirsten Gillibrand will bring senior executives and legal officers from major crypto firms together with Senate Democrats to discuss stalled market-structure legislation. The meeting is expected to take place the day after the Fed conference.
Expected attendees include Coinbase CEO Brian Armstrong; Chainlink CEO Sergey Nazarov; Galaxy Digital CEO Mike Novogratz; Uniswap Labs CEO Hayden Adams and many other well-known representatives of the crypto industry.
Lawmakers and industry participants have been negotiating how to divide regulatory authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission and how to classify certain digital assets.
Senate Republicans have proposed allocating jurisdiction between the SEC and CFTC and defining "ancillary assets" that would not be treated as securities. Negotiations with Republican counterparts slowed after a leaked Democratic proposal outlining DeFi-related safeguards drew criticism from some lawmakers and market participants.
Gillibrand, who co-sponsored the bipartisan Responsible Financial Innovation Act with Senator Cynthia Lummis, has continued to press for clearer regulatory guidance. Analysts have warned that delays in advancing crypto market-structure legislation could push consideration of the bills beyond the upcoming midterm elections.
Senate Republicans have proposed allocating jurisdiction between the SEC and CFTC and defining "ancillary assets" that would not be treated as securities. Negotiations with Republican counterparts slowed after a leaked Democratic proposal outlining DeFi-related safeguards drew criticism from some lawmakers and market participants.
Gillibrand, who co-sponsored the bipartisan Responsible Financial Innovation Act with Senator Cynthia Lummis, has continued to press for clearer regulatory guidance. Analysts have warned that delays in advancing crypto market-structure legislation could push consideration of the bills beyond the upcoming midterm elections.
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