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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 |
Aug. 27, 2024
The Securities and Exchange Commission announced that it filed charges against a “crypto bank” that claimed depositors could earn returns “auto-magically.”
Details: The SEC filed charges against Plutus Lending LLC, which does business as Abra, for failing to register the offers and sales of its retail crypto asset lending product, Abra Earn. The SEC also charged Abra with operating as an unregistered investment company, alleging that the offers and sales did not qualify for an exemption from SEC registration.
Background: Beginning in 2020, Abra Earn allowed U.S. investors to tender their crypto assets to Abra in exchange for Abra’s promise to pay a variable interest rate. At its height, the Abra Earn program had approximately $600 million in assets, with nearly $500 million from U.S. investors.
Other Actions: The SEC charges follow a similar action against Abra initiated by state regulators that led to the return of $82 million to U.S. consumers. Additionally, the FDIC has reiterated that cryptoassets and crypto entities are not protected with FDIC insurance.
ICBA View: ICBA last year expressed support for the SEC’s proposal to confirm that crypto exchanges are included in its definition of “exchange” and for International Organization of Securities Commissions policy recommendations calling on regulators to consider cryptoassets to be regulated financial instruments. A Main Street Matters blog post discusses the debate over whether cryptoassets are securities or commodities.