With cryptocurrency CEOs testifying before Congress, ICBA called on policymakers to enact a comprehensive, coordinated regulatory approach to digital assets that ensures innovation is undertaken safely.
Statement: In a written statement for a House Financial Services Committee hearing on the future of finance, ICBA said:
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Some community banks are beginning to explore offering cryptocurrency services to meet customer demand.
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Cryptocurrencies can pose risks related to illicit activity, financial stability, banking disintermediation, and more.
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Policymakers should harmonize regulations to ensure strong, clear, and consistent oversight of cryptocurrency service providers.
Testimony: At the hearing, the heads of crypto firms including Coinbase and Circle expressed support for a regulatory regime for digital assets, though one that doesn’t include oversight by the Securities and Exchange Commission.
Next Steps: While the Senate Banking Committee prepares for a hearing next week on stablecoin risks, federal banking regulators recently said they plan to provide greater regulatory clarity on crypto-related activities next year. The OCC separately issued an interpretive letter with guidance on stablecoins and other digital assets.