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

Global group finalizes crypto policy recommendations

Nov. 17, 2023

The International Organization of Securities Commissions finalized its recommended policies to govern digital assets markets.

Details: The IOSCO report generally proposes applying global standards for securities regulation to the crypto markets, with 18 policy recommendations under six key areas covering issues such as conflicts of interest, market manipulation, and operational and technological risk. Responding to industry feedback, the group strengthened recommendations for considering conflicts of interests and manipulative media practices at crypto providers.

Background: IOSCO’s report is the first attempt to establish international baseline policies for nations to implement to address the risks associated with crypto asset service providers, such as crypto exchanges.

ICBA Comments: In comments to IOSCO earlier this year, ICBA said the policy recommendations are prudent steps to safeguard the financial system against the risks posed by crypto assets. ICBA’s comments also reinforced its view that cryptoassets are likely securities and should be subject to oversight from market regulators, such as the Securities and Exchange Commission.

DeFi Recommendations: IOSCO has separately issued recommendations for establishing policies on decentralized finance, which ICBA supports to help member nations identify and manage key risks, ensure clear and comprehensive disclosures, enforce applicable laws and regulations, and foster cross-border cooperation.

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.

IOSCO news release: https://www.iosco.org/news/pdf/IOSCONEWS712.pdf