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Title | Recipient | Date |
---|---|---|
Letter urging CFPB to clarify Regulation Z interpretive rule on Buy Now, Pay Later Loans | Consumer Financial Protection Bureau | 08/01/24 |
Request for 90-Day Comment Extension on Expanding Fedwire | 06/11/24 | |
ICBA Comments on Reg II Debit Card Interchange Proposal | Federal Reserve | 05/11/24 |
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 |
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 |
July 17, 2024
Digital asset seizure values have grown exponentially, topping $7 billion in 2022, but compliance enforcement with virtual currency is difficult, according to a new Treasury Department report.
Highlights: The Treasury Inspector General for Tax Administration report found:
The number of types of virtual currency grew from 5,000 in April 2020 to more than 26,000 as of July 2023.
2.7 million people in 2022 checked the 1040 box indicating they received, sold, sent, or exchanged crypto, but the report notes challenges with identifying taxpayers with digital assets transactions due to a lack of third-party reporting.
Between 2018 and 2023, the IRS Criminal Investigation unit saw a 113% increase in cases involving digital assets.
New Reporting Rule: The Treasury Department and IRS recently released a final rule establishing reporting requirements for brokers of digital assets with ICBA-advocated provisions to promote a level playing field.
ICBA in 2023 submitted a comment letter to the IRS supporting the digital asset broker rule, saying it would dispel questions about the tax treatment of digital assets.
In a separate 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.