Payments

Letters and Testimonies

Letters to Congress

Title Recipient Date
Sen. Josh Hawley 09/20/23
House Financial Services Committee 09/19/23
House Financial Services Committee 07/19/23
House, Senate Leaders 07/14/23
House, Senate 07/11/23
House Financial Services Committee 06/13/23
Senate, House leaders 06/09/23
House Financial Services Committee 05/05/23
House Financial Services Committee 04/19/23
Rep. Tom Emmer 03/08/23
Senate, House 11/17/22
House, Senate 10/11/22
Senate 10/04/22
House 09/27/22
House 09/21/22
Senate 08/31/22
House Financial Services Committee 07/22/22
Senate Judiciary Committee 05/04/22
Senate Judiciary Committee 05/02/22
Sens. Cruz, Braun, Grassley 04/04/22
Rep. Tom Emmer 04/04/22
Congress 07/27/21
116th Congress 10/15/20
U.S. House Task Force on Financial Technology 09/29/20

Letters to Regulators

Title Recipient Date
Federal Reserve, Justice Department, Treasury Department 03/22/24
BIS Committee on Payments and Market Infrastructures 02/28/24
Letter to Regulators 01/30/24
FinCEN 01/23/24
Federal Reserve 11/27/23
IRS 11/13/23
Federal Reserve 10/20/23
IOSCO 10/18/23
White House, Treasury Department 10/12/23
International Organization of Securities Commissions 07/31/23

Testimony

Title Committee Presenter Date
House Subcommittee on Digital Assets, Financial Technology and Inclusion Written Statement 09/13/23
Senate Banking Committee Written Statement 02/13/23
Senate Banking Committee Written Statement 07/28/22
House Financial Services Committee Written statement 05/25/22
Senate Banking Hearing 02/15/22
House Financial Services Committee Written statement 02/08/22
Senate Banking Committee Written Statement 12/14/21
House Financial Services Committee Written statement 12/07/21
HSFC 09/29/20

Payments News

IMF researchers urge global crypto regulatory regime

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.