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Open Recommendations (4 total)

Blockchain in Finance: Legislative and Regulatory Actions Are Needed to Ensure Comprehensive Oversight of Crypto Assets

GAO-23-105346
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1 Open Recommendations
1 Priority
Agency Affected Recommendation Status
United States Securities and Exchange Commission
Priority Rec.
The Chairman of the Securities and Exchange Commission should jointly establish or adapt an existing formal coordination mechanism with CFPB, CFTC, FDIC, the Federal Reserve, NCUA, and OCC for collectively identifying risks posed by blockchain-related products and services and formulating a timely regulatory response. To facilitate these objectives, this mechanism could include formal planning documents that establish the frequency of meetings and processes for identifying risks and responding to them within agreed-upon time frames. (Recommendation 7)
Open
SEC neither agreed nor disagreed with the recommendation. SEC noted that it has already coordinated through venues including the Financial Stability Oversight Council, the President's Working Group, and some international organizations to identify risks related to crypto assets. However, the regulators' coordination efforts have not always addressed risks posed by crypto assets in a timely manner. In April 2024, several of the financial regulators told us that the Financial Stability Oversight Council (of which CFPB, CFTC, FDIC, the Federal Reserve, NCUA, OCC, and SEC are members) established a formal coordination mechanism through the creation of the Digital Asset Working Group to promote information sharing and enhance interagency coordination in identifying potential risks in the digital asset space. They stated that the working group meets regularly and has discussed a variety of topics, including regulatory developments, rulemaking, risks, data collection, and market developments. The establishment of the Digital Asset Working Group is a positive step towards implementing a formal coordination mechanism that can identify and address risks posed by blockchain-related products and services. To fully implement the recommendation, the agencies should develop planning documents for the working group. Such planning documents could include (1) objectives and meeting frequency; (2) processes for identifying the full range of risks and regulatory challenges concerning blockchain-related products and services (not only those related to financial stability); and (3) processes for responding to these risks and challenges within agreed-upon timeframes.

Financial Technology: SEC Should Prepare a Workforce Plan, Document Oversight Controls, and Set Goals for Innovation Office

GAO-24-106635
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1 Open Recommendations
Agency Affected Recommendation Status
United States Securities and Exchange Commission The Chair of SEC should ensure that the Director of the Strategic Hub for Innovation and Financial Technology document its policies and procedures supporting its internal controls. (Recommendation 2)
Open
SEC agreed with our recommendation. We will continue to monitor SEC's progress in implementing our recommendation.

Financial Technology: SEC Should Prepare a Workforce Plan, Document Oversight Controls, and Set Goals for Innovation Office

GAO-24-106635
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1 Open Recommendations
Agency Affected Recommendation Status
United States Securities and Exchange Commission The Chair of SEC should ensure that the Director of the Strategic Hub for Innovation and Financial Technology develop performance goals and measures that are objective, measurable, and targeted. (Recommendation 3)
Open
SEC agreed with our recommendation. We will continue to monitor SEC's progress in implementing our recommendation.

Sexual Harassment: Actions Needed to Improve Prevention Training for Federal Civilian Employees

GAO-24-106589
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1 Open Recommendations
Agency Affected Recommendation Status
United States Securities and Exchange Commission The Chair of the Securities and Exchange Commission should develop and implement a plan to evaluate the agency's required sexual harassment prevention training to identify needed improvements. The evaluation plan should include an assessment of training content and implementation to determine whether revisions are needed to better align with management practices to enhance the effectiveness of sexual harassment prevention training. (Recommendation 6)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
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