Payments

Letters and Testimonies

Letters to Congress

Title Recipient Date
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
Treasury Department 08/08/22
CFPB 08/01/22
Commerce Department 06/29/22
Federal Reserve 05/20/22
Federal Reserve Board 04/22/22
CFPB 04/08/22
Federal Reserve Board 02/01/22
Federal Reserve Board 01/03/22
Federal Reserve Bank of Boston 12/10/21
Commerce Department 11/09/21

Testimony

Title Committee Presenter Date
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
House Financial Services Committee's Task Force on Financial Technology Robert A. Steen 09/26/19

Payments News

Feds announce first crypto insider trading indictment

July 22, 2022

Federal law enforcement officials announced the first-ever insider trading tipping indictment involving cryptocurrency.

Details: The Justice Department indictment targets a former Coinbase product manager, who allegedly shared confidential listing information with associates to place profitable trades ahead of public listing announcements.

SEC Complaint: The Securities and Exchange Commission’s complaint in the case lists nine cryptocurrencies it says are securities—AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX, and KROM—adding to the ongoing policy debate over crypto regulation, which remains unsettled.

CFTC Dissent: The Commodity Futures Trading Commission took notice of the SEC’s action. In a dissent, CFTC Commissioner Caroline Pham said the SEC complaint is an example of “regulation by enforcement” with broad implications that require regulators to work together on open policy questions.

ICBA Position: ICBA has repeatedly called on policymakers to bring digital assets within the regulatory perimeter—including in a recent comment letter to the Commerce Department—and recently published a series of blog posts on the collapse of TerraUSD, its ongoing impact on financial markets, and how it affects community banks and the regulatory debate.