Tuesday October 4, 2022 – Financial Stability Oversight Council (FSOC), ever heard of this coiuncil? Not too many have.

The FSOC is charged with identifying risks to the financial stability of the United States; promoting market discipline; and responding to emerging risks to the stability of the United States’ financial system.

In the Council’s Annual Report the council warned that unregulated cryptocurrencies could pose a risk to the U.S. financial system. This warning foreshadows additional regulations on the way.

Attonrey Steven A. Leahy looks at the Council’s recommendations and the danger ahead.

https://www.barrons.com/articles/cryptocurrency-regulation-fsoc-bitcoin-51664905317

https://www.cnbc.com/2022/10/03/cryptocurrency-treasury-warns-digital-assets-could-threaten-stability-of-economy.html

https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/fsoc/studies-and-reports/annual-reports

Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649