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 group warns of crypto intermediary, stablecoin risks

March 01, 2024

The head of the Financial Stability Board warned of the risks posed by multifunction crypto intermediaries and stablecoins.

Remarks: FSB Chair Klaas Knot said:

  • MCIs have shown that crypto may not be as decentralized as some claim it to be, lack proper governance, and may amplify financial vulnerabilities.

  • Revived interest in the stablecoin market—some of which has come from large tech firms and traditional financial institutions—poses potentially significant systemic implications.

Background: The FSB earlier this week released its key initiatives for the coming year, which includes encouraging the implementation of crypto standards. In a recent speech to the FSB, Acting Comptroller of the Currency Michael Hsu said crypto industry resistance has held up progress on consolidated supervision of virtual assets.

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.