Sen. Tom Carper (D-Del.) on Friday called the move by the Conference of State Bank Supervisors an "important step" toward protecting the financial markets from the influence of virtual currencies and other types of emerging payment systems that are not controlled by a government.
Grassley says the Treasury Department is overstepping its bounds.
The new guidelines seek to assuage banks wary of holding marijuana-linked money.
Bitcoins and other virtual currency are not allowed in Russia, the country declared.
“The official currency of the Russian Federation is the ruble. Introduction on the territory of Russia [of] other monetary units [and] ... money substitutes is prohibited,” the country’s general prosecutor’s office said in a statement on Thursday, according to a translation provided by Google.
The CFPB will look out for lenders that it believes are targeting people with risky loans.
Government regulators have some role to play overseeing the virtual currency bitcoin, a top developer said on Thursday, but they should be sure not to crack down too harshly.
Gavin Andresen, chief scientist at the Bitcoin Foundation and one of the core developers behind the money, said that consumer protection was one way that governments could perform useful oversight.
A nationwide online gambling ban would be unfair to states like Nevada and New Jersey whose economies depend on the industry and would encourage gamers to participate in illegal black markets around the world, a gambling group says.
The victims of Bernard Madoff's ponzi scheme will recover another $543 million under a settlement with JPMorgan Chase approved Tuesday by a federal bankruptcy judge.
The bank will pay settlements in a handful of lawsuits stemming from...
The Treasury Department has decided that people who mint or invest bitcoins do not need to register as money transmitters with the government.
Lawmkers are eyeing a March vote on legislation increasing the minimum wage to $10.10 an hour.