Payments

Letters and Testimonies

Letters to Congress

Title Recipient Date
116th Congress 10/15/20
U.S. House Task Force on Financial Technology 09/29/20
Senate Banking and House Financial Services Committees 08/28/19
House Financial Services Committee 07/16/19
Senate Banking Committee 07/15/19
U.S. House of Representatives 02/28/19

Testimony

Title Committee Presenter Date
HSFC 09/29/20
House Financial Services Committee's Task Force on Financial Technology Robert A. Steen 09/26/19
Senate Banking Committee Robert A. Steen 09/25/19

Payments News

Treasury crypto sanctions portend broad regulatory response

Financial regulators on Tuesday began cracking down on cryptocurrency exchanges and laid out significant concerns with digital assets.

Sanctions: The Treasury Department announced the first-ever sanctions on a crypto exchange—Russia-based SUEX—as part of a government-wide effort to combat ransomware attacks. Treasury said over 40% of SUEX’s known transaction history is associated with illicit actors.

Ransomware: More broadly, Treasury said virtual currency exchanges are critical to the profitability of ransomware attacks and that it will continue targeting these entities to reduce incentives for cybercriminals.

OCC’s Hsu: Also Tuesday, Acting Comptroller of the Currency Michael Hsu revealed deep skepticism of digital asset innovations in remarks to the Blockchain Association. Among his remarks, Hsu said:

  • The cryptocurrency and decentralized finance sector is replete with scams, innovations that do little more than increase trading, and few solutions for the real economy.
  • Some of those who will be hurt in the crypto space are the least likely to be able to afford it.
  • Stablecoins and other crypto instruments pose systemic risks.
  • Financial innovation should be anchored in purpose.

Background: Recent ICBA blog posts detail growing stablecoin risks to consumers and the financial system, how policymakers are responding, and what DeFi means for community banks.