With cryptocurrency CEOs testifying before Congress, ICBA called on policymakers to enact a comprehensive, coordinated regulatory approach to digital assets that ensures innovation is undertaken safely.
As crypto CEOs testify, ICBA urges coordinated regulatory approach
December 09, 2021 / By ICBA
With cryptocurrency CEOs testifying before Congress, ICBA called on policymakers to enact a comprehensive, coordinated regulatory approach to digital assets that ensures innovation is undertaken safely.
With cryptocurrency CEOs testifying before Congress, ICBA called on policymakers to enact a comprehensive, coordinated regulatory approach to digital assets that ensures innovation is undertaken safely.
Statement: In a written statement for a House Financial Services Committee hearing on the future of finance, ICBA said:
Some community banks are beginning to explore offering cryptocurrency services to meet customer demand.
Cryptocurrencies can pose risks related to illicit activity, financial stability, banking disintermediation, and more.
Policymakers should harmonize regulations to ensure strong, clear, and consistent oversight of cryptocurrency service providers.
Testimony: At the hearing, the heads of crypto firms including Coinbase and Circle expressed support for a regulatory regime for digital assets, though one that doesn’t include oversight by the Securities and Exchange Commission.
Next Steps: While the Senate Banking Committee prepares for a hearing next week on stablecoin risks, federal banking regulators recently said they plan to provide greater regulatory clarity on crypto-related activities next year. The OCC separately issued an interpretive letter with guidance on stablecoins and other digital assets.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
