Reforming Money Transmission Laws for Digital Asset Businesses: Part II
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Key Points: · Congress should amend Section 803 of the Lummis-Gillibrand bill to establish a federal money transmission license for digital asset businesses that provide payments services. · Congress should either clarify or expressly grant authority to the Office of the Comptroller of the Currency (OCC) or the Federal Reserve (Fed) to oversee the federal license program.
Reforming Money Transmission Laws for Digital Asset Businesses: Part II
Reforming Money Transmission Laws for Digital…
Reforming Money Transmission Laws for Digital Asset Businesses: Part II
Key Points: · Congress should amend Section 803 of the Lummis-Gillibrand bill to establish a federal money transmission license for digital asset businesses that provide payments services. · Congress should either clarify or expressly grant authority to the Office of the Comptroller of the Currency (OCC) or the Federal Reserve (Fed) to oversee the federal license program.