Letters and Testimonies

Letters to Congress

Title Recipient Date
Sen. Ted Budd 06/19/24
U.S. House of Representatives 05/21/24
Sen. Josh Hawley 09/20/23
House Financial Services Committee 09/19/23
House Financial Services Committee 07/19/23
House, Senate Leaders 07/14/23
House, Senate 07/11/23
House Financial Services Committee 06/13/23
Senate, House leaders 06/09/23
House Financial Services Committee 05/05/23
House Financial Services Committee 04/19/23
Rep. Tom Emmer 03/08/23
Senate, House 11/17/22
House, Senate 10/11/22
Senate 10/04/22
House 09/27/22
House 09/21/22
Senate 08/31/22
House Financial Services Committee 07/22/22
Senate Judiciary Committee 05/04/22
Senate Judiciary Committee 05/02/22
Sens. Cruz, Braun, Grassley 04/04/22
Rep. Tom Emmer 04/04/22
Congress 07/27/21
116th Congress 10/15/20
U.S. House Task Force on Financial Technology 09/29/20

Letters to Regulators

Title Recipient Date
Federal Reserve 05/11/24
Basel Committee on Banking Supervision 03/28/24
Federal Reserve, Justice Department, Treasury Department 03/22/24
BIS Committee on Payments and Market Infrastructures 02/28/24
Letter to Regulators 01/30/24
FinCEN 01/23/24
Federal Reserve 11/27/23
IRS 11/13/23
Federal Reserve 10/20/23


Title Committee Presenter Date
House Subcommittee on Digital Assets, Financial Technology and Inclusion Written Statement 09/13/23
Senate Banking Committee Written Statement 02/13/23
Senate Banking Committee Written Statement 07/28/22
House Financial Services Committee Written statement 05/25/22
Senate Banking Hearing 02/15/22
House Financial Services Committee Written statement 02/08/22
Senate Banking Committee Written Statement 12/14/21
House Financial Services Committee Written statement 12/07/21
HSFC 09/29/20

Payments News

SEC warns investors about crypto fraud

May 30, 2024

The Securities and Exchange Commission issued an investor alert on how fraudsters use cryptoassets to lure victims and hide their identities, which makes recovering stolen funds more difficult.

Details: The SEC said fraudsters use a variety of techniques to convince investors to hand over their money, including:

  • Sending messages through social media and texts.

  • Exploiting the hype around emerging technologies, such as artificial intelligence.

  • Impersonating trusted sources, including the SEC.

  • Pumping up the price of a cryptoasset and selling at the investor’s expense.

  • Demanding additional costs that they claim will allow investors to withdraw from their account or recover losses.

ICBA Advocacy: In a comment letter earlier this year, ICBA said recordkeeping and reporting requirements on crypto transactions are not enough to adequately protect U.S. consumers and businesses. It called on FinCEN to do more to combat crime enabled by crypto mixers.

‘Pig Butchering’ Scam: Recent ICBA blog posts spotlight the growing “pig butchering” scam, in which fraudsters use cryptocurrencies to defraud victims, and the need for a policy response.