Washington, D.C. (March 9, 2022) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the White House’s executive order on digital asset risks and opportunities.
“ICBA supports a comprehensive, coordinated approach to regulating digital assets and is closely reviewing the White House’s executive order and what it will mean for community banks and the customers and communities they serve.
“Harmonizing digital asset regulations will ensure consistent oversight of cryptocurrency service providers, establish clear guidelines for permissible bank activities, and avoid gaps to minimize the risk of regulatory arbitrage. Unregulated cryptocurrency would disintermediate community banks—undermining their ability to support local customers and communities—while threatening consumer privacy and protections as well as financial stability.
“As the digital asset policy debate proceeds, ICBA is calling on policymakers to:
- Ensure the crypto regime is comparable to banking system regulation.
- Coordinate efforts to prevent bad actors from using cryptocurrencies for illicit activities.
- Resolve regulatory and legal debates about digital asset classification.
- Prevent the rise of a shadow banking system of unregulated platforms.
- Bring stablecoins within the regulatory perimeter.
- Prioritize examiner training on digital assets.
- Reject special-purpose bank charters for crypto companies that do not fully meet the requirements of federally insured and supervised chartered banks.
- Ensure any introduction of a U.S. central bank digital currency is predicated on clear objectives, does not harm the financial system, is based on a solid legal framework, and follows engagement with a diverse array of stakeholders, including community banks.
“ICBA looks forward to continuing to work with policymakers as this important debate continues.”
About ICBA
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding nearly $5.9 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
###
