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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.
Oct. 26, 2023
There is nothing about the crypto-asset securities markets that suggests investors and issuers are less deserving of the protections of U.S. securities laws, Securities and Exchange Commission Chair Gary Gensler said.
Remarks: Speaking in Washington, Gensler repeated his position that the vast majority of crypto-assets likely meet the investment contract test, making them subject to securities laws. He said the crypto industry is rife with fraud, scams, bankruptcies, and money laundering, illustrating the need for oversight.
ICBA View: ICBA has said it supports the SEC’s efforts to apply securities laws and regulations to crypto entities because it agrees that most crypto-assets likely qualify as securities. It separately said the International Organization of Securities Commissions’ policy recommendations for digital assets markets—the first attempt to establish baseline crypto policies—are prudent steps to safeguard the financial system from crypto.
Recent Blog Posts: A new ICBA blog post discusses policymakers’ increasing efforts to implement digital asset policy in light of the significant upheaval in crypto markets. A previous blog post recaps the significant upheaval in the digital assets market over the past year.