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Title | Recipient | Date |
---|---|---|
Request for 90-Day Comment Extension on Expanding Fedwire | 06/11/24 | |
ICBA Comments on Reg II Debit Card Interchange Proposal | Federal Reserve | 05/11/24 |
Comments on Basel Cryptoasset Standard Amendments | Basel Committee on Banking Supervision | 03/28/24 |
Freedom of Information Act Request on CBDC Authority | Federal Reserve, Justice Department, Treasury Department | 03/22/24 |
Joint Trade Statement on ISO 20022 Standards | BIS Committee on Payments and Market Infrastructures | 02/28/24 |
Disclosure of Cryptoasset Exposures | Letter to Regulators | 01/30/24 |
ICBA Comment Letter for FinCEN Cryptocurrency Mixer Proposal | FinCEN | 01/23/24 |
Joint Extension Request on Fed Debit Card Interchange Price Cap | Federal Reserve | 11/27/23 |
Comments on Proposed Tax Treatment of Digital Assets | IRS | 11/13/23 |
Joint Trades Letter on Reg II Board Meeting | Federal Reserve | 10/20/23 |
Title | Committee | Presenter | Date |
---|---|---|---|
Statement for House Hearing on Central Bank Digital Currency Risks | House Subcommittee on Digital Assets, Financial Technology and Inclusion | Written Statement | 09/13/23 |
Effective Regulation of Crypto Assets | Senate Banking Committee | Written Statement | 02/13/23 |
Statement for Senate Crypto Hearing | Senate Banking Committee | Written Statement | 07/28/22 |
Hearing Statement on Central Bank Digital Currency | House Financial Services Committee | Written statement | 05/25/22 |
Enhanced Regulation of Digital Assets Will Promote Responsible Innovation | Senate Banking Hearing | 02/15/22 | |
Statement for House Hearing on Stablecoins | House Financial Services Committee | Written statement | 02/08/22 |
Statement for Senate Stablecoin Hearing | Senate Banking Committee | Written Statement | 12/14/21 |
Statement for House Hearing on Digital Assets | House Financial Services Committee | Written statement | 12/07/21 |
ICBA Statement for HFSC Fintech Hearing 9-29-2020 | HSFC | 09/29/20 |
March 06, 2023
ICBA called on the federal government to support and prioritize research on the specific effects of digital assets on community banks and their customers.
Background: The White House Office of Science and Technology Policy requested feedback on how academic and government research can help policymakers assess the potential effects of digital assets. Treasury undersecretary Nellie Liang last week said the OSTP would participate in an interagency working group that the administration announced last fall and charged with advancing work on a possible U.S. central bank digital currency.
Community Bank Concerns: In a letter responding to the request for information, ICBA said crypto assets, nonbank stablecoins, decentralized finance, and an ICBA-opposed U.S. CBDC pose significant risks to community banks, consumers, and the financial system.
ICBA Recommendations: ICBA called on the OSTP to:
Conduct research to assess the full range of potential economic and social consequences that could result from a digital dollar disintermediating community banks.
Focus research on how the continued expansion of nonbank stablecoins and DeFi would specifically affect community banks and their communities.
Perform additional research on blockchain technology and other potential regulatory or legal solutions that could help mitigate the myriad threats of ransomware, sanctions evasions, and other financial crimes facilitated by digital assets.
Examine how instant payments facilitated by the Federal Reserve’s FedNow Service can address many of the issues that digital asset advocates claim can only by solved by a CBDC.
Previous: In a recent Medium op-ed, ICBA President and CEO Rebeca Romero Rainey continued ICBA’s call for policymakers to ensure new policies directed at the crypto sector fully reflect its risks. ICBA previously released polling conducted by Morning Consult indicating consumers support a regulatory framework for digital assets and are skeptical of the creation of a U.S. CBDC.