4.1 Stakeholders

The U.S. Treasury is the government department responsible for issuing all Treasury bonds, notes, and bills. Among the government departments operating under the U.S. Treasury umbrella are the:

1. Internal Revenue Service (IRS)

2. U.S. Mint, the Bureau of the Fiscal Service

3. Alcohol and Tobacco Tax and Trade Bureau

The SEC is the U.S. government agency in charge of the nation's securities industry. It monitors transactions, as well as the activities of financial professionals. Its mission is to promote fairness, integrity, and transparency; prevent fraud and other deceptive acts, and ensure orderly and efficient markets.

FINRA is an independent, nongovernmental organization that writes and enforces the rules governing registered brokers and broker-dealer firms in the United States. Its stated mission is “to safeguard the investing public against fraud and bad practices.” It is considered a self-regulatory organization.

The CFPB is a regulatory agency charged with overseeing financial products and services that are offered to consumers.

The CFTC regulates the derivatives markets, including futures contracts, options, and swaps. Its goals include the promotion of competitive and efficient markets and the protection of investors against manipulation, abusive trade practices, and fraud.

The Fed is the central banking system of the United States and oversees the 12 regional Federal Reserve Banks. Its primary goals are to regulate the nation's private banks and manage the overall money supply. The Fed ensures lenders and borrowers have access to credit and loans.

The FDIC maintains stability and public confidence in the nation’s financial system by insuring deposits; examining and supervising financial institutions for safety, soundness, and consumer protection; making large and complex financial institutions resolvable; and managing receivership.

The OCC is an organization that acts as both the issuer and guarantor for options and futures contracts and is the largest equity derivatives clearing organization in the world.

NAIC is a nonprofit, nonpartisan organization that sets standards and establishes best practices for the U.S. insurance industry, and provides support to insurance regulators. It also provides information and resources to consumers. Note: Insurance products sold in the U.S. are largely regulated by the states, rather than the federal government.

The NCUA monitors federal credit unions across the country and provides the National Credit Union Share Insurance Fund (NCUSIF) which uses tax dollars to insure the deposits at all federal credit unions.

FEMA is a United States government agency with the purpose to coordinate aid and respond to disasters around the nation when local resources are insufficient. Commanding a budget of approximately $14 billion annually, the agency is headquartered in Washington, D.C.

The U.S. DOJ enforces U.S. law through its agencies and protects the public from foreign and domestic threats such as terrorism and criminal activities. The department also investigates financial fraud and manages the federal prison system. The DOJ also represents the country in legal affairs, such as in cases before the Supreme Court. The DOJ shares security responsibilities with the U.S. Department of Homeland Security (DHS) and the U.S. Department of Health and Human Services (HHS).

The FBI is the principal law enforcement agency and national security service of the federal government. The FBI is housed under the Department of Justice and additionally reports to the Director of National Intelligence.

As a law enforcement agency, the FBI investigates an array of federal crimes, including public corruption, terrorism, cybercrime, civil rights violations, drug trafficking, sex trafficking, and white-collar crime. As a national security service, the FBI conducts counterintelligence to prevent espionage.

DEA enforces the provisions of the controlled substances and chemical diversion and trafficking laws and regulations of the United States, and operates on a worldwide basis. It presents cases to the criminal and civil justice systems of the United States–or any other competent jurisdiction–on those significant organizations and their members involved in the cultivation, production, smuggling, distribution, laundering of proceeds, or diversion of controlled substances appearing in or destined for illegal traffic in the United States.

The BoE is the central bank for the United Kingdom. It acts as the government's bank and the lender of last resort. The BoE issues currency and, most importantly, oversees monetary policy.

The PRA is a part of the Bank of England and is responsible for the prudent regulation and supervision of banks, building societies, credit unions, insurers, and major investment firms. It sets standards and supervises financial institutions at the level of the individual firm.

The FCA works alongside the Prudential Regulation Authority (PRA) in regulating the financial services industry in the UK and is responsible for the prudential regulation of those financial services firms not supervised by the PRA such as asset managers and independent financial advisers. The FCA has “rule-making, investigative and enforcement powers” to regulate the financial services industry.

The FSA is the chief regulator of Japan’s financial services industry, responsible for maintaining its stability and integrity, and is mandated to oversee the banking, insurance and securities, and exchange industries. It’s also charged with protecting market participants from fraud and money laundering.

BaFin integrates the regulatory functions of those agencies with authority over Germany’s banks, financial services companies, insurance companies, stock exchanges, and other obligated institutions. An important part of BaFin’s role as regulator is to identify and eliminate financial crime – a function that includes promoting anti-money laundering in Germany, and counter-terrorist financing.

AMF is an independent body that supervises financial companies operating in France with three core responsibilities:

1. safeguard investments

2. increase transparency in financial instruments

3. ensure financial markets run smoothly

It is also charged with keeping the nation’s markets and financial services industry free of fraud and money laundering.

Additionally, France’s AMF is a rules-setter and is responsible for implementing the EU’s 2018 Markets in Financial Instruments Directive II (MiFID II) directive as well as its own General Regulation.

The MAS is empowered by the Monetary Authority of Singapore Act to set regulations and supervise the city’s banking, capital markets, insurance, and payments sectors. The organization enforces its regulations and government laws through legally binding instructions called Directions. They may take the form of Directives, which are issued to specific entities or individuals, and Notices, which cover a class of asset, institution, or person, such as loans or loan issuers.

FINMA is Switzerland’s independent financial-markets regulator. Its mandate is to supervise banks, insurance companies, financial institutions, collective investment schemes, and their asset managers and fund management companies. It also regulates insurance intermediaries. It is charged with protecting creditors, investors, and policyholders. FINMA is responsible for ensuring that Switzerland’s financial markets function effectively.

The CBRC is authorized by the State Council to regulate the banking sector of the PRC except for the territories of Hong Kong and Macau, both of which are special administrative regions.

CIRC is used to regulate the Chinese insurance products and services market and maintain legal and stable operations of the insurance industry. In 2018, it was merged with the banking regulator China Banking Regulatory Commission (CBRC) to create the China Banking and Insurance Regulatory Commission (CBIRC).

The CSRC is the national regulatory body that oversees the securities and futures industry of the country. The CSRC is the functional equivalent of the Securities and Exchange Commission (SEC) of the U.S., charged with maintaining orderly and fair markets.

The RBI is the central bank of India, whose primary function is to manage and govern the financial system of the country, and it regulates the issue and supply of the Indian rupee. Additionally, it looks after the central government’s money and is the of the bankers’ bank and regulates the banking sector. The RBI is important in India’s development by supporting the government in its developmental projects and policies.

The SEBI is the most important regulator of securities markets in India and is the counterpart of the Securities and Exchange Commission (SEC) in the U.S. The stated objective of the SEBI is “to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto.”

IBBI is a key pillar of the ecosystem responsible for the implementation of the Code that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.

The IRDAI has overall responsibility for the supervision and development of the Insurance sector in India. The key objectives of the IRDAI include the promotion of competition to enhance customer satisfaction through increased consumer choice and fair premiums and ensuring the financial security of the Insurance market. Additionally, the IRDAI frames regulations laying down the regulatory framework for the supervision of the entities operating in the sector.

PFRDA regulates the National Pension System (NPS), subscribed by employees of the Government of India, Indian State Governments, and by employees of private institutions, organizations, and unorganized sectors. PFRDA ensures the orderly growth and development of the pension market.

The FATF is an intergovernmental organization that develops standards around Anti Money Laundering (AML) to promotes policies and standards to combat the financial crime of money laundering and terrorism funding. Additionally, FATF produces two lists of uncooperative jurisdictions in efforts against money laundering (and terrorism financing).

The EU's MiFID II is a 2018 update to the original Markets in Financial Instruments Directive (MiFID) and is a legislative framework instituted by the European Union (EU) to regulate financial markets in the bloc and improve protections for investors. Its aim is to standardize practices across the EU and restore confidence in the industry

The World Bank Group (also known as World Bank) is one of the world’s largest sources of funding and knowledge for developing countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development.

This is the reason to include this section in a CBDC effort.

This requires the CBDC to have interaction with Authorities from U.S. Federal Government Oversight Authorities and non-U.S. Federal Government Oversight Authorities, making them Stakeholders.

See B0009. This requires the CBDC to have interaction with Authorities from U.S. Federal Government Oversight Authorities and non-U.S. Federal Government Oversight Authorities, making them Stakeholders.

In order to instill public confidence in a CBDC, the public needs to be included as Stakeholders.

In order to successfully bridge between the legacy and new payment services, the CBDC needs to work with existing U.S. Federal Government Oversight Authorities as Stakeholders.

1. goods - Requires the active participation of the retail sector as a Stakeholder

2. services - This should be covered under existing Intermediaries as Stakeholders

3. pay bills - This should be covered under existing Intermediaries as Stakeholders

4. pay taxes - This might require the inclusion of the U.S. Treasuries Internal Revenue Service (IRS) as a stakeholder

1. new technologies - Requires the inclusion of the new and emerging technology business areas (i.e., Stablecoins) as Stakeholders

2. introducing simplified distribution channels - Requires the participation of the existing Intermediaries as Stakeholders

3. creating additional opportunities for cross-jurisdictional collaboration and interoperability - See B0009. This requires the CBDC to have interaction with Authorities from U.S. Federal Government Oversight Authorities and non-U.S. Federal Government Oversight Authorities, making them Stakeholders.

Requires the inclusion of the new and emerging technology business areas (i.e., Stablecoins, Blockchains, DIDOs, etc. ) as Stakeholders

Requires all the private-sector innovators to participate as Stakeholders

See B0009. This requires the CBDC to have interaction with Authorities from U.S. Federal Government Oversight Authorities and non-U.S. Federal Government Oversight Authorities, making them Stakeholders.

This would require U.S. Government Departments and Agencies with a Charter to help the economically vulnerable be considered Stakeholders. For Example, see: U.S. Gov.

1. Benefits and Financial Assistance from the Government

2. How to Apply for Unemployment Benefits

3. Food Stamps (SNAP Food Benefits)

4. Welfare or Temporary Assistance for Needy Families (TANF)

5. Medicaid and Children's Health Insurance Program (CHIP)

It might also require the inclusion of Social Security and Medicare.

1. Social Security Administration

This should require the inclusion of the U.S. Treasuries Internal Revenue Service (IRS) as a Stakeholder.

1. wages - This should be covered under existing Intermediaries as Stakeholders.

2. tax refunds - This should require the inclusion of the U.S. Treasuries Internal Revenue Service (IRS) as a Stakeholder.

3. other federal payments - See B0013.

See: National Privacy Considerations.

This would require U.S. Federal Government Oversight Authorities as Stakeholders.

Federal Emergency Management Agency (FEMA) is the agency that provides most of the relief and coordination during Natural Disasters making them a Shareholder in a CBDC.

This is the reason to include this section in a CBDC effort.

This makes the Executive Branch and the Legislative Branch Stakeholders in the CBDC.

This would require U.S. Federal Government Oversight Authorities as Stakeholders

This includes both the current Intermediaries and Entrepreneurs to be included as Stakeholders.

To create an open market, the intermediaries would have to publish and adhere to standards. This would mean one or more Standards Developing Organization (SDO) need to be included as Stakeholders.

See: P0021 and Standards Developing Organizations (SDOs).

This includes the current Intermediaries as Stakeholders

1. common standards - See: Standards Developing Organization (SDO) as Stakeholders.

2. the types of intermediaries able to access any new infrastructure make the intermediaries Stakeholders.

3. legal frameworks - See: Standards Developing Organization (SDO) as Stakeholders.

4. preventing illicit transactions - See: U.S. Federal Government Oversight Authorities as Stakeholders.

This requires a broad Stakeholder Base to participate in a transparent CBDC consortium that has policies and procedures that are well documented, fair and equitable.

This includes the current Intermediaries as Stakeholders.

This includes the current Intermediaries and U.S. Federal Government Oversight Authorities as Stakeholders.

This includes the current Intermediaries and U.S. Federal Government Oversight Authorities as Stakeholders.

This includes the current Intermediaries and U.S. Federal Government Oversight Authorities as Stakeholders.

This includes the current Intermediaries and U.S. Federal Government Oversight Authorities as Stakeholders.

This includes the current Intermediaries and U.S. Federal Government Oversight Authorities as Stakeholders.

This includes the current Intermediaries and U.S. Federal Government Oversight Authorities as Stakeholders.

This includes the current Intermediaries and U.S. Federal Government Oversight Authorities as Stakeholders.

This includes the current Intermediaries and U.S. Federal Government Oversight Authorities as Stakeholders.

See: B0009. This requires the CBDC to have interaction with Authorities from U.S. Federal Government Oversight Authorities and non-U.S. Federal Government Oversight Authorities, making them Stakeholders.

This includes the current Intermediaries and U.S. Federal Government Oversight Authorities as Stakeholders.

See: National Privacy Considerations

This includes the current Intermediaries and U.S. Federal Government Oversight Authorities as Stakeholders.

This requires the continued coordinated efforts of the U.S. Federal Government Oversight Authorities as Stakeholders.

This includes the current Intermediaries as Stakeholders.

This includes the current Intermediaries and U.S. Federal Government Oversight Authorities as Stakeholders.

Federal Emergency Management Agency (FEMA) is the agency that provides most of the relief and coordination during Natural Disasters making them a Shareholder in a CBDC.

Federal Emergency Management Agency (FEMA) is the agency that provides most of the relief and coordination during Natural Disasters making them a Shareholder in a CBDC.