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Title | Recipient | Date |
---|---|---|
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 |
Response to IOSCO DeFi Policy Recommendations | IOSCO | 10/18/23 |
Joint Letter on Mortgage Rates | White House, Treasury Department | 10/12/23 |
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 |
Feb. 06, 2023
ICBA’s push for policymakers to rein in the crypto industry as part of its agenda for the 118th Congress made headlines in Politico.
ICBA Advocacy: Friday’s Politico Morning Money reported that “powerful” and “beloved” community banks are using their “deep well of Washington clout” to bolster inadequate crypto oversight and to resist efforts to let nonbank stablecoin issuers access the Fed’s payment rails.
Key Concerns: In the article—which notes that community banks comprise 99% of all U.S. banks—ICBA’s Paul Merski said crypto poses risks to the broader financial industry and lacks sufficient anti-money laundering safeguards.
Crypto Fallout: “It’s up to the crypto sector to prove at this point that they’re safe, secure and superior, and I don’t think they’ve made that case,” Merski said. He also noted that crypto firms pitched a competitive advantage of being unregulated. “We saw the consequences of that,” he said.
Background: ICBA last week shared its policy priorities for the 118th Congress with members of the House and Senate. In a letter to lawmakers and a full-page ad that ran in Politico, ICBA said its policy recommendations on behalf of community banks are designed to promote economic prosperity while avoiding misguided policies that carry unintended consequences.
CFPB Response: The Politico report followed CNBC’s coverage of ICBA’s opposition to a new Consumer Financial Protection Bureau proposed rule on credit card late fees. The outlet cited ICBA’s call for the CFPB to seek input from small financial institutions under the Small Business Regulatory Enforcement Fairness Act to mitigate the negative impact of its rulemaking.