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Category Archives: Financial System

Financial Stability Oversight Council Releases Report on Digital Asset Financial Stability Risks and Regulation

“The Financial Stability Oversight Council (Council) today released its Report on Digital Asset Financial Stability Risks and Regulation. The Council voted to approve the report in response to Section 6 of President Biden’s Executive Order 14067, “Ensuring Responsible Development of Digital Assets.As called for by the Executive Order, the report reviews financial stability risks and regulatory gaps posed by various types of digital assets and provides recommendations to address such risks. This report provides a strong foundation for policymakers as we work to mitigate the financial stability risks of digital assets while realizing the potential benefits of innovation,” said Secretary of the Treasury Janet L. Yellen. “It is an important contribution to the set of reports that Treasury and our interagency partners have produced as part of President Biden’s executive order. The report concludes that crypto-asset activities could pose risks to the stability of the U.S. financial system and emphasizes the importance of appropriate regulation, including enforcement of existing laws. It is vital that government stakeholders collectively work to make progress on these recommendations.”

Existing and Potential Use Cases for Blockchain in Public Procurement

Telles, Pedro, Existing and Potential Use Cases for Blockchain in Public Procurement (July 20, 2022). Available at SSRN: https://ssrn.com/abstract=4168144 or http://dx.doi.org/10.2139/ssrn.4168144 “The purpose of this paper is to assess the possibility of using blockchain technology in the realm of public procurement within the EU, particularly in connection with the award of public contracts. In this… Continue Reading

Submarine Cables: Risks and Security Threats

Energy Industry Review: “99% of the internet network runs through submarine cables. It is estimated that over USD 10,000 billion in financial transactions run today through these “seabed highways”. This is especially the case of the main global financial exchange system, SWIFT (Society for Worldwide Interbank Financial Telecommunications), which has recently been banned for many… Continue Reading

Social Security: What Would Happen If the Trust Funds Ran Out?

CRS Report – RL33514| Social Security: What Would Happen If the Trust Funds Ran Out?: “Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the Federal Disability Insurance (DI) Trust Fund. Under their intermediate assumptions and undercurrent law, the Social Security trustees project that the OASI trust fund will become depleted in 2034 and the DI… Continue Reading

Climate Change: Enhancing Federal Resilience

GAO – Climate Change: Enhancing Federal Resilience GAO-22-106061 Published: Sep 19, 2022. Publicly Released: Sep 19, 2022. “Between fiscal years 2015 and 2021, selected appropriations for disaster assistance totaled $315 billion. Disaster costs are projected to increase as certain extreme weather events like drought or extreme rainfall become more frequent and intense because of climate… Continue Reading

Greenhouse Gas Mitigation: CRS Products

Greenhouse Gas Mitigation: CRS Products, September 20, 2022: “…CRS selected its products below by searching CRS.gov using the terms climate and greenhouse gas and through discussion with CRS subject matter experts. Products were selected from the search results and included here if they met the search criteria, contained substantial discussion of GHG mitigation, and have… Continue Reading

What is proof-of-stake? A computer scientist explains a new way to make cryptocurrencies, NFTs and metaverse transactions

Via LLRX – What is proof-of-stake? A computer scientist explains a new way to make cryptocurrencies, NFTs and metaverse transactions – Prof. Scott Ruoti, briefs us on yet another new component in Digital Ledger Technology. Proof-of-stake is a mechanism for achieving consensus on a blockchain. Blockchain is a technology that records transactions that can’t be deleted or… Continue Reading

CREW urges Judicial Conference to implement judicial ethics rules

CREW: “The Judicial Conference—a national policymaking body for the federal courts…should implement a comprehensive prohibition on all federal judges and Supreme Court Justices owning or trading individual securities and develop a strong code of conduct for the Supreme Court. In a letter sent [September 20, 2022], CREW urges the Judicial Conference to act swiftly to… Continue Reading

NY AG James Sues Donald Trump for Years of Financial Fraud

“New York Attorney General Letitia James today filed a lawsuit against Donald Trump, the Trump Organization, senior management, and involved entities for engaging in years of financial fraud to obtain a host of economic benefits. The lawsuit alleges that Donald Trump, with the help of his children Donald Trump, Jr., Ivanka Trump, and Eric Trump,… Continue Reading

New US company owner database ‘taking way too long’ to implement, experts warn

ICIJ – “After ICIJ’s FinCEN Files investigation, transparency advocates cheered a new law mandating a beneficial ownership register in the U.S. Two years later, experts are expressing serious concerns. A key U.S. reform designed to halt anonymous companies hiding illicit activities and funds remains stalled in the U.S. Treasury Department two years after the FinCEN… Continue Reading

Updating the External Wealth of Nations database to 2021

Brookings: “Editor’s Note: This post updates with year-end 2021 data the External Wealth of Nations database [Excel download], which assembles data on external claims and liabilities of economies around the world. The database is described in more detail in a series of papers (Lane and Milesi-Ferretti 2001, 2007, 2018), and in a companion post. The… Continue Reading