Washington Report 360 | September 16, 2022

Digital and crypto assets; Price cap compliance; BNPL risk; SEC testimony

Key Highlights

Digital and crypto assets. Treasury published three reports on digital assets in response to a March 2022 Executive Order; DOJ released a report on the role of law enforcement in relation to digital assets and announced a nationwide group to combat illicit digital assets activity; BCBS will finalize a regulatory framework for bank exposures to crypto assets “around year end.”

Price cap compliance.  OFAC released preliminary guidance on compliance with an upcoming price cap on certain Russian oil transactions. (See KPMG Regulatory Alert, here)

BNPL risk. CFPB report on Buy Now, Pay Later loans highlights rapid market growth and related consumer risks; including inconsistent consumer protections, data harvesting and monetization, and debt accumulation and overextension; CFPB will review each of the risk areas further.

SEC testimony. SEC provided testimony to the Senate Banking Committee covering market structure, crypto assets, climate-related disclosures, and DEI. 

 

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Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100