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Title | Recipient | Date |
---|---|---|
Freedom of Information Act Request on CBDC Authority | Federal Reserve, Justice Department, Treasury Department | 03/22/24 |
Joint Trade Statement on ISO 20022 Standards | BIS Committee on Payments and Market Infrastructures | 02/28/24 |
Disclosure of Cryptoasset Exposures | Letter to Regulators | 01/30/24 |
ICBA Comment Letter for FinCEN Cryptocurrency Mixer Proposal | FinCEN | 01/23/24 |
Joint Extension Request on Fed Debit Card Interchange Price Cap | Federal Reserve | 11/27/23 |
Comments on Proposed Tax Treatment of Digital Assets | IRS | 11/13/23 |
Joint Trades Letter on Reg II Board Meeting | Federal Reserve | 10/20/23 |
Response to IOSCO DeFi Policy Recommendations | IOSCO | 10/18/23 |
Joint Letter on Mortgage Rates | White House, Treasury Department | 10/12/23 |
Policy Recommendations for Crypto and Digital Asset Markets Consultation Report | International Organization of Securities Commissions | 07/31/23 |
Title | Committee | Presenter | Date |
---|---|---|---|
Statement for House Hearing on Central Bank Digital Currency Risks | House Subcommittee on Digital Assets, Financial Technology and Inclusion | Written Statement | 09/13/23 |
Effective Regulation of Crypto Assets | Senate Banking Committee | Written Statement | 02/13/23 |
Statement for Senate Crypto Hearing | Senate Banking Committee | Written Statement | 07/28/22 |
Hearing Statement on Central Bank Digital Currency | House Financial Services Committee | Written statement | 05/25/22 |
Enhanced Regulation of Digital Assets Will Promote Responsible Innovation | Senate Banking Hearing | 02/15/22 | |
Statement for House Hearing on Stablecoins | House Financial Services Committee | Written statement | 02/08/22 |
Statement for Senate Stablecoin Hearing | Senate Banking Committee | Written Statement | 12/14/21 |
Statement for House Hearing on Digital Assets | House Financial Services Committee | Written statement | 12/07/21 |
ICBA Statement for HFSC Fintech Hearing 9-29-2020 | HSFC | 09/29/20 |
Dec. 10, 2021
A new International Monetary Fund article urges regulators across the globe to develop comprehensive international standards for digital assets.
Concerns: The article raises concerns that an uncoordinated regulatory response to rising crypto valuations could be systemically destabilizing. It also cites a growing risk of “cryptoization” in emerging markets, in which digital assets replace domestic currency and circumvent exchange and capital account management measures.
Recommendations: The IMF researchers recommend a global regulatory framework that provides “a level playing field” with three key elements:
Licensing all crypto service providers.
Tailoring regulations to various digital assets’ core use cases.
Implementing clear requirements on crypto exposures for regulated financial institutions.
U.S. Debate: Cryptocurrency CEOs testified before the House Financial Services Committee this week, endorsing a regulatory regime that doesn’t include oversight by the Securities and Exchange Commission. A Senate Banking Committee hearing set for next week will focus on stablecoin risks.
Banking Guidance: 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.
ICBA Position: In a written statement for the House hearing, 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.
More: ICBA blog posts detail growing stablecoin risks to consumers and the financial system, how policymakers are responding, and what decentralized finance means for community banks.