Payments

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
Consumer Financial Protection Bureau 08/01/24
06/11/24
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

Testimony

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

Private-sector companies join tokenization project

Sep. 17, 2024

More than 40 private-sector companies will join a group of central banks in Project Agorá, which will explore how tokenization and a wholesale central bank digital currency could enhance cross-border payments.

Details: Released by the Institute of International Finance, the list includes payments companies such as Swift, Mastercard, and Visa as well as large banks such as JPMorgan Chase and Citi. The project will now move into the design stage.

Wholesale CBDC: A wholesale CBDC—as opposed to a retail CBDC—is intended for use only by banks and central banks.

Background: Tokenized deposits are digital representations of bank deposits with programmable capabilities. Project Agorá is a large industry experiment to test whether tokenized deposits can improve cross-border payments, with the Federal Reserve Bank of New York’s Innovation Center announcing in April that it is among the central banks that will lead this effort.

ICBA View: ICBA has repeatedly expressed opposition to the creation of a U.S. central bank digital currency, requesting from U.S. agencies federal records on whether legislative changes are required to issue a U.S. CBDC.