Washington Report 360 | September 23, 2022

Key Highlights

• Crypto and digital asset risks. Treasury issued a request for comment on illicit finance and national security risks posed by digital assets and the ongoing efforts to mitigate those risks.   (See KPMG Regulatory Alert, here)
• SEC Risk Alert.  SEC Examinations Risk Alert outlined areas of focus in upcoming initiatives and examinations on compliance with the Investment Adviser Marketing Rule (compliance date of November 4. 2022).
• Bank oversight testimony. House and Senate committees heard testimony from seven large banking organizations; key topics included climate stress/scenario analysis, capital reforms, peer-to-peer payments, investments/operations in China and Russia, and inflation. 

Industry news headlines

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• Warren targets crypto ‘mixers’ in push to boost Russian sanctions (The Hill)
• Senators grill Treasury officials over effectiveness of sweeping Russian sanctions (The Hill)
• White House digital asset report lays the groundwork for CBDC (American Banker)
• New York regulator warns banks not to sacrifice equity in climate fight (American Banker)
• Draft bill lets nonbanks issue stablecoins, bans algorithmic coins for two years (American Banker)
• Demand for instant payments is on the rise (American Banker)
• Big banks and regulators: Do more to close the racial wealth gap (American Banker)
• New York's Landmark AI Bias Law Prompts Uncertainty (WSJ)
• DOJ Pushing Ahead with Corporate Settlement Policy That Could Make Execs Liable (WSJ)