With cryptocurrency CEOs testifying before Congress, ICBA called on policymakers to enact a comprehensive, coordinated regulatory approach to digital assets that ensures innovation is undertaken safely.
Statement: In a written statement for a House Financial Services Committee hearing on the future of finance, ICBA said:
Some community banks are beginning to explore offering cryptocurrency services to meet customer demand.
Cryptocurrencies can pose risks related to illicit activity, financial stability, banking disintermediation, and more.
Policymakers should harmonize regulations to ensure strong, clear, and consistent oversight of cryptocurrency service providers.
Testimony: At the hearing, the heads of crypto firms including Coinbase and Circle expressed support for a regulatory regime for digital assets, though one that doesn’t include oversight by the Securities and Exchange Commission.
Next Steps: While the Senate Banking Committee prepares for a hearing next week on stablecoin risks, federal banking regulators recently said they plan to provide greater regulatory clarity on crypto-related activities next year. The OCC separately issued an interpretive letter with guidance on stablecoins and other digital assets.