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.
