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
Basel Committee on Banking Supervision 03/28/24
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

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

OCC’s Hsu: Crypto regulation would support innovation

Jan. 14, 2022

Acting Comptroller of the Currency Michael Hsu warned that stablecoins are at risk of experiencing the equivalent of a bank run and called for stricter regulation to promote stability.

OCC: In a speech endorsing a coordinated regulatory approach to digital assets, Hsu said regulation would lend credibility to stablecoins and lay a more stable foundation for further innovation.

CFTC: In a separate speech on digital assets, the Commodity Futures Trading Commission’s Dawn Stump said that agency needs to update its regulatory standards instead of imposing penalties on innovative companies that run afoul of its rules. She cited areas in need of adapted regulations, including trading platforms and clearinghouses.

More: The OCC in November issued an interpretive letter reminding banks that the permissibility of engaging in crypto activities is conditional on them demonstrating that they can do so safely and soundly. The same day, regulators said they plan to provide greater regulatory clarity on crypto-related activities in 2022.

ICBA Position: ICBA said in a comment letter last year that a coordinated regulatory approach could help address risks, dispel confusion in the marketplace, and prompt more community banks to explore digital asset products and services to address customer needs.