Although the crypto industry’s legitimization took a hit on Sept. 15 when the CLARITY Act failed to advance in the Senate, the industry still exists, and banks must find ways to remain in regulatory compliance.
banking
Posted inBest Practices
Why compliance, not technology, will decide the future of digital sovereign finance
A citizen in the Marshall Islands receives universal basic income directly to a mobile wallet via USDM1, a sovereign digital bond backed by U.S. Treasury bills. The pilot shows that digital public finance’s success hinges less on technology than on compliance.
Posted inBanking
Banks gave $39M in loans to construction fraudster
A California man was sentenced Tuesday to more than six years in prison for fraudulently obtaining about $39 million in business loans from seven banks, which were tricked into believing the loans were for construction equipment, the DOJ said.