ICBA said it strongly supports the Financial Stability Board’s approach to international crypto-asset regulation that is based on the principle of “same activity, same risk, same regulation.”
ICBA Comments: In a comment letter on the FSB’s proposed framework for the international regulation of crypto-asset activities, ICBA advocated consistent regulatory and supervisory standards regardless of the nature or activity of institutions. ICBA also endorsed coordination and cooperation across and within jurisdictions and bringing global stablecoins within the regulatory perimeter.
FSB Framework: The FSB, which coordinates global financial regulatory policy, proposed the framework to promote consistent and comprehensive crypto oversight through international cooperation, coordination, and information sharing. The framework also includes high-level recommendations for regulating “global stablecoin” arrangements.
Congressional Activity: ICBA’s response follows House and Senate hearings this week investigating the collapse of the FTX cryptocurrency exchange. During the hearings, policymakers differed on whether the FTX meltdown is an isolated incident of fraud at that company or indicative of broader risks within the crypto sector.
ICBA Position: In a recent Medium op-ed, ICBA President and CEO Rebeca Romero Rainey wrote that the FTX collapse is a predictable example of the serious risks that digital assets pose to consumers and the economy.