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
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
BIS Committee on Payments and Market Infrastructures 05/31/23
Securities and Exchange Commission 05/08/23

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

ICBA supports proposed tax treatment for digital assets

Nov. 14, 2023

ICBA expressed support for an Internal Revenue Service proposal designed to clarify the tax treatment of digital assets.

Background: The IRS proposal would implement a provision of the Infrastructure Investment and Jobs Act that amended the definition of a “broker” subject to information reporting requirements to include individuals who effectuate digital asset transfers. The proposal also would include digital assets in securities definitions.

Level Playing Field: In a comment letter to the IRS, ICBA said the proposed rule would help to provide taxpayers with relevant information to accurately meet their filing obligations, clarify reporting requirements for digital assets brokers, and dispel questions about the overall tax treatment of digital assets. It also would promote a level playing field by applying comparable information reporting requirements to brokers of digital and traditional assets, ICBA said.

Digital Asset Brokers: In its comments, ICBA said it strongly supports the agency’s proposed “digital assets broker” definition, which includes decentralized finance exchanges and decentralized autonomous organizations. ICBA said it agrees with the IRS’s logic that these entities are controlled by people in a position to know critical information about users executing taxable digital assets transactions.

ICBA View: ICBA has repeatedly called on policymakers to ensure new policies directed at the broader crypto sector fully reflect its risks and to prioritize research on the specific effects of digital assets on community banks and their customers.

More: Recent Main Street Matters posts from ICBA Senior Vice President of Digital Assets and Innovation Policy Brian Laverdure cover recent crypto collapses, the evolving regulatory environment for digital assets, and the policy debate over treating cryptoassets as securities or commodities.