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

Survey: Almost all central banks are researching CBDC

June 17, 2024

Nearly all central banks are researching whether to issue a central bank digital currency, according to a Bank for International Settlements survey.

Key Findings:

  • At the end of 2023, 94% of responding central banks were engaged in CBDC work.

  • Most central banks are working on both retail and wholesale CBDCs.

  • Central banks expect to launch a little later than they expected to last year.

  • The likelihood that a wholesale CBDC will be issued within the next six years is now greater than that for retail.

  • There could be six additional retail and nine wholesale CBDCs publicly circulating towards the end of this decade.

  • No jurisdiction reported any significant stablecoin usage for payments outside the crypto ecosystem.

  • 63% said they have accelerated their work on CBDCs in reaction to developments in stablecoins and other cryptoassets.

U.S. State of Play: The Federal Reserve is researching the merits of a U.S. CBDC while Congress determines whether to permit the Fed to issue a digital dollar. Fed Chair Jerome Powell has repeatedly said congressional authorization is needed for his agency to issue a CBDC, while Fed governors such as Christopher Waller and Michelle Bowman have expressed skepticism about the need for one.

ICBA View on CBDCs: ICBA strongly opposes the creation of a U.S. CBDC and has advocated House-passed legislation restricting the ability of the federal government to introduce a CBDC. The CBDC Anti-Surveillance State Act (H.R. 5403), which the House passed following this year’s ICBA Capital Summit, would bar the Federal Reserve from issuing a CBDC or using a CBDC to implement monetary policy.

Stablecoin Response: A recent ICBA blog post spotlights “pig butchering” scams, which depend on stablecoins like Tether to defraud victims and launder the proceeds. In the post, ICBA Senior Vice President of Digital Assets and Innovation Policy Brian Laverdure says these scams demand policymaker actions to strengthen protections against the crypto sector.