Shipkevich Bitcoin and ICO Attorney
Felix Shipkevich August 22, 2012
Paul Volcker

A rule prohibiting banks from engaging in proprietary trading is expected to become final by late December, and compliance will be required shortly thereafter, according to a Treasury official familiar with the matter.

The rule, named for former Fed Chairman Paul Volcker, is intended to prevent banks from taking excessive risks that could destabilize them and markets as a whole. A 300-page version of the rule was released in October, but is expected to look significantly different in its final form due to public comment received since that time.

The Fed, SEC, FDIC, CFTC and the Office of the Comptroller of the Currency, who are working together to craft the rule, have postponed the finalization date before. It was originally scheduled to be finalized by July 21, 2012, but Fed Chairman Ben Bernanke said in February that it would be delayed without giving a new deadline.

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Photo credit: Harvard Ethics

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