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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 |
March 29, 2024
ICBA said the Basel Committee on Banking Supervision’s framework for classifying cryptoasset exposures validates community bank misgivings about cryptocurrencies.
Background: The Basel Committee’s consultative document proposes revised standards for stablecoins to qualify for the most preferential capital treatment. The proposal would establish strict standards—each of which would need to be met to qualify for preferred treatment—and would exclude any cryptoassets that operate on permissionless networks.
ICBA Comments: In a comment letter on the Basel Committee’s consultative document on cryptoasset standards, ICBA said:
The proposal represents an accurate assessment of key risk factors associated with stablecoins, validating ICBA’s view that stablecoin instruments do not provide any advantages over the existing U.S. banking system.
It strongly agrees with Basel’s assessment of the risks arising from permissionless networks, which would apply to all major stablecoins and raise questions about the functions of stablecoins that cannot be carried out by other methods.
While the revisions may limit banks’ exposure to stablecoins, they are unlikely to shield the financial system from disintermediation by the crypto ecosystem, so additional actions to confront the hazards of stablecoins are needed.
Latest on Crypto: Shortly after ICBA submitted its comments, FTX founder Sam Bankman-Fried was sentenced to 25 years in prison for defrauding his cryptocurrency exchange’s customers and investors, the Financial Action Task Force warned that jurisdictions across the world are failing to regulate crypto, and Bloomberg reported that U.S. and U.K. law enforcers are investigating Russian use of Tether to evade sanctions.
ICBA Advocacy: In a recent comment letter, ICBA told the Financial Crimes Enforcement Network that it should strengthen its proposal to institute recordkeeping and reporting requirements for financial institutions, which is insufficient to adequately protect against crypto-related illicit financial activity. ICBA also supports additional global efforts to advance international cryptoasset regulation, including the Financial Stability Board’s framework to support consistent regulatory standards and the International Organization of Securities Commissions’ baseline policy recommendations.