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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 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.