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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 24, 2024
The Financial Stability Board said that even if a stablecoin is properly designed and well-regulated, “it may not necessarily have a positive impact on cross-border payments as the drawbacks could outweigh any potential benefits.”
Details: In a new report, the FSB said that stablecoins present challenges related to competition, consumer and investor protection, market integrity, data privacy, money laundering and terrorist financing, and financial stability risks for emerging market and developing economies.
Emerging Market Risks: The report follows an FSB letter to G20 finance ministers this week ahead of meetings in Brazil that said the use of foreign currency-pegged stablecoins may exacerbate challenges for monetary policy and capital flow management in emerging and developing countries.
ICBA View: ICBA shares the FSB’s concerns about stablecoins disrupting financial stability and has significant concerns about the use of stablecoins for illicit activities. ICBA supports global efforts to advance international cryptoasset regulation, including the FSB’s framework to support consistent regulatory and supervisory standards and baseline policy recommendations from the International Organization of Securities Commissions.
Action: As Congress debates a regulatory framework for stablecoins, ICBA President and CEO Rebeca Romero Rainey wrote in a LinkedIn post this week that ICBA is engaged with lawmakers to ensure strong oversight over stablecoin issuers.