Payments

Letters and Testimonies

Letters to Congress

Title Recipient Date
Sen. Ted Budd 06/19/24
U.S. House of Representatives 05/21/24
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
06/11/24
Federal Reserve 05/11/24
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

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

‘Pig butchering’ scams have nabbed $75B: study

March 01, 2024

A new academic paper found “pig butchering” scams—in which victims invest increasing sums in supposedly legitimate virtual currency enterprises before being conned out of their money—claimed $75 billion since January 2020.

About the Study: As reported by Bloomberg, University of Texas researchers found $15 billion had come from five exchanges typically used by victims in Western countries, including Coinbase. The study also found that the scammers typically converted their collected funds into the Tether stablecoin.

FinCEN Alert: The Financial Crimes Enforcement Network last year issued an alert on the practice that explains the scam, provides red flags to help financial institutions identify and report related suspicious activity, and reminds financial institutions of their reporting requirements under the Bank Secrecy Act.

ICBA Advocacy: In a recent letter to FinCEN, ICBA noted that bad actors who engage in “pig butchering” scams increasingly use crypto mixers to obscure key details in crypto transactions. It called on FinCEN to do more to combat mixer-enabled crime, including considering the roles played by the wider crypto ecosystem, especially decentralized finance exchanges.