News – Global DCA

The Global Digital Asset and Cryptocurrency Association Announces Creation of the Compliance Community of Practice

Chicago, Illinois - February 21, 2023 - The Global Digital Asset and Cryptocurrency Association, the preeminent self-regulatory association for the digital asset and cryptocurrency industry, announces the creation of its Compliance Community of Practice (C-COP). The C-COP aims to provide practical guidance and insights to Chief Compliance Officers and their teams as they develop compliance frameworks for businesses evolving in digital assets. The chairpersons selected to lead this important new initiative include the following industry experts and leaders in the regulatory space concerning digital assets: Joe Schifano, Global Head of Regulatory Affairs at Eventus and Elizabeth Davis, Partner at Davis Wright Tremaine LLP. “The C-COP provides a vehicle through which the Global DCA may support its member firms in sharing lessons learned and best practices in the area of digital asset compliance ,” said Gabriella Kusz, CEO of the Global Digital Asset and Cryptocurrency Association. “We believe in a modern approach to self-regulation which not only includes standards and guidance, and education and certification, but also supporting digital asset firms as they work to build systems, policies and procedures to mature the ecosystem, protect consumers and advance market integrity.” Financial institutions have dealt with uncertainty and “regulation-by-enforcement” for decades,” said Schifano. “The enduring lesson is to proactively set up reasonably designed governance frameworks while the policy debate continues. I look forward to participating in a network of compliance professionals who will cut through the noise and share best practices to support their businesses.” With heightened scrutiny on compliance programs, the importance of having...

What Did We Do? I Why Did We Do It? I How Did It Benefit Your Firm and the Industry at Large?

Dear Colleagues, I wanted to take a moment to share this year' IMPACT 2022 Report and I strongly encourage you to deep dive into a few of the key sections (e.g., ROI for Membership, The Road to Self-Regulation, Balanced Regulation - Our North Star). IMPACT reporting is one way that we at the Global DCA communicate transparently and openly with Member Firms, Candidate Firms, Legislators, Regulators and Stakeholders. In doing so, we seek to answer a few very important questions: What did we do? Why did we do it? How did it benefit your firm and the industry at large? 2022 Key Milestones... Although this year was challenging, I wanted to highlight and applaud our Board, Advisory Board, Member Firms and broader Community of Industry Peers on the achievement of a few key milestones: We almost doubled our membership to 93, all which have been vetted and committed to our code of conduct We delivered $6 of value per $1 of member fees through our relentless drive to the commercial success of members We made 80 congressional visits to educate lawmakers and politicians on what balanced regulation looks like and the necessity for an independent self-regulatory organization (or SRO) We ran numerous consultations that have informed our robust SRO framework project and established our Steering Committee to drive Core Principles and responsible innovation in the digital asset industry. The Global DCA Takes ACTION to Make IMPACT... In other words, the Global DCA is taking ACTION to make IMPACT. Having worked in financial sector and economic reform previously, I...

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

Who’s Who In Crypto: Gabriella Kusz, Chief Executive Officer at Global Digital Asset and Cryptocurrency Association

What does crypto mean to you and what drew you to it? Crypto means transformation and evolution of the financial sector. As a professional who has spent a significant portion of her career ushering in financial sector transformation my ah-ha moment happened when I began to see the broader impacts of the industry as a first wave of the Fourth Industrial Revolution. In my previous roles, I have supported countries in transitioning towards free-market economies or in diversifying their economies away from petrochemical industry reliance or in advancing transparency and accountability post-Arab Spring. Crypto is the tip of the iceberg and ensuring inclusive, participatory and representative engagement in our global financial future will require supporting broad financial sector transformation. What drew me to crypto was the opportunity to lend my global lessons learned, experience in capacity building and enhancing shared prosperity in an emerging and more impactful way. Read Full Article Here

Global Digital Asset and Cryptocurrency Association Appoints Gabriella Kusz to CEO Position – MarketWatch

The Global Digital Asset and Cryptocurrency Association, a self-regulatory association for the digital asset & cryptocurrency industry, is pleased to announce that Co-founder and Board Member, Gabriella Kusz has unanimously been appointed to the CEO position. With nearly 20 years of financial services public policy experience and sustainable programming innovation successfully put into effect at government agencies and SROs globally, Gabriella will lead the association’s strategic plan to develop industry standards and best practices, implement education and certification programs to build human capacity, and advocate for a public policy and regulatory environment that facilitates innovation and protects consumers, stakeholders, and the broader public interest worldwide. Read Full Article Here

Self-regulatory organizations growing alongside new US crypto regulation – COINTELEGRAPH

SROs can eventually provide the “connective tissue” between the crypto industry and U.S. government as regulatory infrastructure forms. Federal regulation is necessary but not sufficient, Kusz said. Rather, a holistic approach to a regulatory framework is needed. “Regulatory bodies need to move away from an adversarial role toward community management to help shape an ecosystem that works,” she said. “I am not fearful” about regulation, she continued, “but optimistic. […] It will take multiple organizations to steward the industry and bring forward innovation. It’s not competitive.” Read Full Article Here

Balancing act: A report into the future of US crypto regulation – Currency.com

The need for new laws governing crypto is gaining support, amid confusion and uncertainty. With Republican-led proposals on one side and President Joe Biden’s working group and executive orders on the other, the importance of clear US crypto regulation is clearly being felt on both sides of the US political scene, albeit from different perspectives. Gabriella Kusz, chief executive of the US-based Global Digital Asset and Cryptocurrency Association, sees a higher impetus among Democratic politicians “to support the industry from a perspective of offering greater financial inclusion, access to finance and opportunity for traditionally underbanked or unbanked populations.” On the other hand, Kusz believes that Republican politicians have a “greater degree of alignment and understanding of the power of cryptocurrency to stimulate needed domestic industry innovation, job creation and economic growth.” Read Full Article Here

Is Crypto Fueling Corruption or Helping Citizens Flee It? – Blockworks

IMF study finds crypto adoption is more prevalent in countries with higher corruption and capital controls. But why?. The IMF report’s authors found both factors were practically indistinguishable in terms of their significance within the survey data. But the practical implementation of capital controls is itself a highly nuanced affair, according to Gabriella Kusz, CEO of the Global Digital Asset and Cryptocurrency Association. Just because capital controls exist doesn’t mean they are functioning well, she told Blockworks. “Consumers understand the degree of corruption inherent in their financial sector and economy and seek a financially inclusive, transparent and independent form of exchange through crypto,” Kusz said. Read Full Article Here

NOW AVAILABLE – Global DCA 2021 Impact Report – Building the Foundation for Responsible Innovation

This year - 2021 - was a year of intense focus on building a solid foundation for the future of the Global DCA. Using the IOSCO Model for Effective Self-Regulation as a guide, we leveraged global and established practices proven within self-regulatory entities and drew upon long-standing standards and codes of conduct to build a strong system of governance built upon the principles of integrity, accountability and transparency. To this end, the Global DCA 2021 Impact Report details our focus, key achievements from the past twelve months and a preview of organizational strategic orientation for the 2022 fiscal year. As we step into 2022, the Global DCA Membership is energized and committed. As an organization, we are well positioned to build upon the strong foundation we have laid this past year and passionate about our mission as we observe the continued rapid evolution of the next wave of digital asset evolution. We thank our Board, Advisory Board, Members and Affiliates for being part of the first chapter of the Global DCA and we warmly welcome you to be part of the next chapter in our story. Read Impact Report

Global DCA Applauds the US FASB Decision to Advance Digital Asset Research

The Global Digital Asset and Cryptocurrency Association (Global DCA), the digital asset self-regulatory association applauds the decision of the US Financial Accounting Standards Board (FASB) to include digital assets in its upcoming research agenda. CHICAGO, Dec. 17, 2021 /PRNewswire/ -- The Global Digital Asset and Cryptocurrency Association (Global DCA), the digital asset self-regulatory association applauds the decision of the US Financial Accounting Standards Board (FASB) to include digital assets in its upcoming research agenda. The Global DCA has been actively engaged in raising awareness of the need for enhanced standards and guidance around the reporting for digital assets under US Generally Accepted Accounting Principles (US GAAP), and in September initiated an industry-wide effort to engage stakeholders as well as other industry groups in a discussion on these important issues as well as potential solutions. Today, in response to industry-wide feedback provided through the formal Invitation to Comment, the FASB announced that it will be pursuing research into accounting for exchange-traded digital assets and commodities. For additional information please read the full press release HERE.