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

Waller discounts crypto, Chinese threats to dollar dominance

Feb. 16, 2024

Federal Reserve Governor Christopher Waller said he does not expect the U.S. dollar to lose its status as the world's reserve currency due to challenges from cryptocurrencies and the Chinese renminbi.

Crypto Impact: Speaking in the Bahamas, Waller said that despite conjecture that the rapid growth of digital currencies could reduce reliance on the U.S. dollar, the predominance in decentralized finance of trading in stablecoins—which are linked to the U.S. dollar—means any expansion of DeFi trading would likely strengthen the dominant role of the dollar.

Chinese Renminbi: Several factors weigh against the renminbi as an attractive asset for international investors, Waller said, including that it is not freely exchangeable, the Chinese capital account is not open, and investor confidence in Chinese institutions is relatively low.

Bank Holdings: After his remarks, Waller reportedly said he doesn’t want banks holding large amounts of crypto-based exchange-traded funds. The banking agencies last year issued a joint statement highlighting key crypto risks for banking organizations and describing the agencies’ approaches to supervision.

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.