Renata Szkoda – Global DCA

Global Digital Asset and Cryptocurrency Association Organizes Steering Committee To Highlight Core Principles for Self-Regulation of Digital Assets

The Global Digital Asset and Cryptocurrency Association, the preeminent self-regulatory association for the digital asset and cryptocurrency industry, has organized a Steering Committee to elaborate on Core Principles for the self-regulation of customer-facing digital asset businesses. The Global DCA is calling on the industry to adopt such principles to address the causes of recent crypto business failures and to restore the industry’s tarnished credibility. The Global DCA Core Principles Steering Committee announces that the following regulatory and industry leaders have agreed to serve in the public interest as members of the Steering Committee: J. Christopher Giancarlo, Senior Counsel and Co-headof the Digital Works Practice, Willkie Farr & Gallagher / Former Chairman of the U.S. Commodity Futures Trading Commission (CFTC) Maggie Sklar, Partner, Davis Wright Tremaine / Former Senior Policy Advisor and the Director of International Engagement, Financial Markets Group, at the Federal Reserve Bank of Chicago / Former Senior Counsel at the Commodity Futures Trading Commission / Chairwoman of the Global DCA Public Policy & Regulatory Committee Renata Szkoda, Chief Financial Officer, INX / Chairwoman Global DCA Dawn Stump, Former Commissioner, U.S. Commodity Futures Trading Commission (CFTC) Carla Carriveau, Strategic Advisor/Director for crypto, fintech, and regtech startups, Former Senior Counsel and Executive Staff to Chair Mary Jo White, U.S. Securities and Exchange Commission Jamila Piracci, Founder, Roos Innovations / Former program lead overseeing the National Futures Association (NFA) regulatory program for swap dealers under the Dodd-Frank Act (2011 to 2019) / Former Attorney, Federal Reserve Bank of New York Amit Sharma, Founder & CEO, FinClusive / Former Head...

Global DCA’s Response to Request for Consultation on FSB’s Proposed Framework for the International Regulation of Crypto-Asset Activities

The Global Digital Asset & Cryptocurrency Association welcomes the opportunity to comment on the Financial Stability Board’s proposed framework for the international regulation of crypto-asset activities. GDCA applauds the process undertaken by the FSB to solicit public engagement on this important topic, and welcomes the opportunity to be part of the ongoing dialogue. When the FSB published the framework on October 11, 2022, it cited market events in the earlier part of the year that had exposed “a number of structural vulnerabilities” in crypto-asset markets and related businesses. Indeed, events like the collapse of the Terra/Luna project, the fall of Three Arrows Capital, and other events highlighted the need for significant standards setting, professionalization, regulation, and reform across the digital asset space. In light of this recent turmoil, where does GDCA believe the industry should go from here? Please click below to read the full response. CLICK HERE for the Full Response

An Open Letter to the Digital Assets Industry From the Members of the Global DCA

Crypto Association Calls for Urgent Industry Action - MarketScale From May 7th through November 11th, we have watched with dismay and horror as firms, once thought of as digital asset pioneers and leaders, have descended into catastrophic collapse. Luna, BlockFi, Celsius, Voyager, Three Arrows, FTX. In their wake, millions of customers are left with worthless claims. Many have had their savings wiped out. Still viable businesses are left teetering. More layoffs are announced daily. Those of us still standing, who believe in the potential of digital assets and have been playing by the rules, are angry at the recklessness, the ignorance and the greed that led to these collapses. No doubt all of us in the industry are processing these events and are devastated. The Global DCA believes that this dark moment presents an enormous opportunity for firms to come together and agree on a certain set of fundamental core principles. Principles that establish business practices that at their core seek to avoid, or at least mitigate, the occurrence of business failures that impact customers and the financial market at large. Interested firms can get in touch with us via emailing info@global-dca.org Please click below to read the full response. CLICK HERE for the Full Response

The Institutional Digital Assets and Crypto Regulation Symposium

Despite the significant drop in crypto's market capitalisation and some well-publicised coin failures, there is a widespread recognition that crypto, digital assets and blockchain are here to stay. That's why we have been asked by senior financiers from both the TradFi and crypto communities to organise a high-level gathering that brings the two sides together to discuss the future of crypto finance, the growing intersection between, and integration of, the two financial worlds and the impact of the coming wave of regulation, which is likely to redefine business models and practices. This is one event you won't want to miss. AND you can save 50% with the Global DCA discount code: CRYPTO5GDCA50 Click HERE to LEARN MORE

Digital Assets Compliance: ALM, Sanctions & Fraud

The American Conference Institute is hosting a forum on Digital Assets Compliance: AML, Sanctions & Fraud October 12-13 in New York City! Join an esteemed faculty of government officials, crypto companies, exchanges and blockchains, along with AML and sanctions experts as they address the most pressing developments and high stakes issues coming across your desk. Don’t miss out on the one forum that focuses on real-world compliance takeaways for your work after the event! AND you can save 10% with the Global DCA promo code: D10-999-GLOBALDCA. Click HERE to LEARN MORE

Down Range from Terra Luna: Stablecoin Strength Remains Unabated

Following the TerraUSD (UST) collapse and related events, the Global Digital Asset and Cryptocurrency Association (Global DCA) in collaboration with Lisa Weingarten Richards and Maggie Sklar from Davis Wright Tremaine (DWT) published the report “Beyond Terra: An Assessment of Stablecoin Benefits and Policy” (“Beyond Terra”). The report received positive support from many companies, thought leaders, and policymakers. It was also selected as a featured paper for this year’s DC Fintech Week, which showcases cutting-edge thought leadership and research from fintech academics, innovators, and others. On the other hand, the report was also subject to criticism from stablecoin skeptics, and may make points that are not in line with the stablecoin sections in the Financial Stability Oversight Council’s (FSOC) recent report: “Digital Asset Financial Stability Risks and Regulation.” This paper is a response to the critiques of the original publication, addresses some of the stablecoin rhetoric we find problematic in the FSOC report, and brings our information about true stablecoins up to date. Please click below to read the full response. CLICK HERE for the Full Response

Defining Global DCA and Self-Regulation

Click the video above to watch Global DCA's SRO Framework Roundtable (I) Design by 360 hre Click the video above to watch Global DCA's SRO Framework Roundtable (II) which includes group Q&A and full discussion. To enhance consumer and investor protection and facilitate innovation and industry development, Global DCA has launched an SRO Framework Project which will further explore and refine the organization’s nature and advancement of self-regulation. This exhaustive research, industry dialogue, and broader consultation is a necessary component of building governance institutions as governance institutions must not only reflect financial sector realities, but the broader economic, political, and social context of a given jurisdiction. Please click below to learn more. CLICK HERE TO LEARN MORE CLICK HERE TO DOWNLOAD THE POWERPOINT

Global DCA Response to Executive Order 14067 – The Benefits of Digital Asset Development

The Global Digital Asset & Cryptocurrency Association (“GDCA”) welcomes the opportunity to comment on Executive Order 14067 (the “EO”) that examines ways to ensure responsible development of the digital asset industry.1 GDCA applauds the process undertaken by the Treasury to solicit public engagement on this important topic, and welcomes the opportunity to be part of the ongoing dialogue. Given the breadth of the topics covered in the request for comment, GDCA will focus primarily on the role the Treasury Department can play in guiding the modernization of AML regulations. Please click below to read the full response. CLICK HERE for the Full Response

Anti-Money Laundering Guidance

The following overview of U.S. anti-money laundering regulation intends to provide an overview of the key AML requirements for a Global DCA member for educational purposes and is not intended as legal advice. While it is based on, and reflects, U.S. law, this overview can serve as a good basis to assess and review your AML policies and procedures since the U.S. has one of the strictest AML regimes in the world. The terminology used in this document is the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) terminology, which is the bureau that administers the Bank Secrecy Act and other anti-money laundering (“AML”) laws in the U.S. Please CLICK below to read the full overview! CLICK HERE for the Full Overview

Bipartisan Senators Propose Regulatory Overhaul of Crypto Markets

On June 7, 2022, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) unveiled their long-awaited bipartisan framework to overhaul the regulation of cryptocurrencies and digital assets. The “Responsible Financial Innovation Act,” seeks to provide certainty and clarity to the digital asset and blockchain industries, along with the agencies governing these industries. The proposed legislation, which has been in development since March 2022, would define most digital assets, including bitcoin and ether, as commodities, enact rules governing stablecoins, and provide the CFTC with exclusive jurisdiction over digital asset spot markets. Authored by Gaurav K. Talwar, Attorney at Law, McGonigle - Originally published in blockchainlawcenter.com Read Full Article Here

Author - Renata Szkoda