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The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
Feb. 18, 2022
The Biden administration is reportedly expected to release an executive order on regulating digital assets next week.
EO Report: Yahoo Finance reported that the order will commission a study on central bank digital currency and direct agencies to report on the future of money and payment systems, market competition, consumer protection, international coordination, and more.
DOJ News: The news came the same day as the Justice Department named Eun Young Choi as the first director of the National Cryptocurrency Enforcement Team, effective immediately. Choi has been at DOJ for nearly a decade, most recently as senior counsel to the deputy attorney general.
ICBA Position: In a written statement for a Senate hearing this week, ICBA reiterated its call for policymakers to take a comprehensive regulatory approach to stablecoins and other digital assets, noting that community bank participation will help mitigate crypto risks.