GARP: New Administration, New Hope for Clarity on Crypto

GARP, February 5, 2021, New Administration, New Hope for Clarity on Crypto

In May 2015, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) cracked down on cryptocurrency company Ripple for anti-money-laundering lapses.

Today, Ripple, having established its XRP as the biggest cryptocurrency other than Bitcoin and Ethereum, is facing a significant and potentially more damaging legal battle. A lawsuit filed in December by the Securities and Exchange Commission accuses the San Francisco-based organization of violating the Securities Act of 1933.

Ripple has projected a regulation-friendly image in part through board and advisory relationships with the likes of Benjamin Lawsky, the former New York State financial services superintendent and architect of the Bitlicense; and Michael Barr, who as a U.S. Treasury assistant secretary had a key role in drafting the Dodd-Frank Act and is reportedly Biden’s choice to head the Office of the Comptroller of the Currency.

Some progressive Democrats are critical of Barr for not being hard enough on the banking industry with Dodd-Frank and for his past ties to Ripple. On the other hand, Jesse Van Tol, chief executive of the National Community Reinvestment Coalition, told the New York Times, “Michael Barr will be the most progressive comptroller in my lifetime, maybe ever.”

Print Friendly, PDF & Email

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

Complete the form to download the full report: