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Fed's Warsh Says GENIUS Act Rules Need Interagency Coordination to Curb Regulatory Arbitrage
JH Kim
Summary
- Federal Reserve Chair Kevin Warsh said regulators need to coordinate as they draft implementation rules for the GENIUS Act.
- Warsh said he does not want companies to engage in regulatory arbitrage by moving to the jurisdiction with the loosest rules.
- Warsh said regulators should work together to prevent such regulatory arbitrage.
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Federal Reserve Chair Kevin Warsh said regulators need to work together as they draft implementation rules for the GENIUS Act, according to cryptocurrency news outlet Bitcoin.com on July 15.
Warsh said he wants to avoid regulatory arbitrage, in which companies seek out the jurisdiction with the loosest rules to evade oversight. To prevent that, regulators must coordinate with one another.
JH Kim
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