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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.
March 09, 2022
The Securities and Exchange Commission and Commodity Futures Trading Commission announced separate charges related to digital asset-related fraud.
SEC: The SEC charged siblings with defrauding thousands of retail investors on crypto trading platforms out of more than $124 million using a digital token worth a fraction of what they claimed.
CFTC: The CFTC charged several defendants with fraud for operating bitcoin-related Ponzi schemes, fraudulently soliciting more than $44 million in investments, and misappropriating millions of dollars.
Executive Order: The charges come as Washington debates a broader legal and regulatory framework for digital assets, with the Biden administration expected to issue an executive order on crypto as soon as today.
ICBA Position: In a written statement for a Senate hearing last month, ICBA reiterated its call for policymakers to take a comprehensive regulatory approach to digital assets, noting that community bank participation will help mitigate crypto risks.