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

Global AML watchdog warns of lagging crypto standards

Feb. 26, 2024

The Financial Action Task Force—a global anti-money-laundering watchdog—said many countries have not implemented its recommended standards on virtual assets, allowing criminals to exploit gaps in crypto regulation.

Crypto Assessment: The FATF last year released a roadmap to strengthen implementation of its standards on virtual assets. Following its latest Plenary session in Paris last week, the FATF said it will publish an assessment of countries with the highest crypto activity and use the report to support efforts to regulate and supervise crypto service providers.

Hsu Remarks: The statement came a day after Acting Comptroller of the Currency Michael Hsu said crypto industry resistance and jurisdictions competing for crypto business have held up progress on consolidated supervision of virtual assets. Hsu was addressing the Financial Stability Board, which has issued ICBA-supported recommendations for crypto oversight based on the principle of “same activity, same risk, same regulation.”

ICBA View: ICBA supports global efforts to advance international cryptoasset regulation, including the FSB’s framework to support consistent regulatory and supervisory standards and baseline policy recommendations from the International Organization of Securities Commissions.

More: In its statement following the Plenary, the FATF also:

  • Issued new risk-based guidance on beneficial ownership targeting stakeholders involved in trusts or similar legal arrangements, concluding the FATF’s work on beneficial ownership transparency.

  • Said it will propose revisions for its policy recommendations on wire transfers to reflect wider adoption of the ISO 20022 messaging standard promoting cross-border payments.