Blog: ICBA releases poll on Biden Administration’s framework for digital assets – Financial Regulation News – Financial Regulation News

The Independent Community Bankers of America (ICBA) released results of polling conducted by Morning Consult on the Biden Administration’s recently released regulatory framework for digital assets.

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Among the key findings, 71 percent acknowledged that investing in cryptocurrency is risky, including 62 percent who own or have owned crypto; 55 percent said regulations in the traditional banking industry make them trust it more; and 46 percent said they are aware that cryptocurrencies are not subject to the same regulations as the traditional banking sector.

In addition, more than half of voters said the establishment of a U.S. central bank digital currency would increase the risk of their personal financial privacy and security being breached. Further, 64 percent, including a bipartisan majority, said they would rather have their personal bank account with a private commercial bank than with the Federal Reserve.

“With today’s Treasury and Justice department reports advancing the policy debate on digital assets, ICBA reminds policymakers that the nation’s community banks support a clear regulatory framework for digital assets and oppose the creation of a U.S. central bank digital currency,” ICBA President and CEO Rebeca Romero Rainey said. “As ICBA told the Treasury and Commerce departments in recent comment letters on crypto oversight, policymakers should prioritize protecting national security amid catastrophic developments in the crypto markets while collaborating on a comprehensive regulatory framework that utilizes more effective alternatives to a U.S. CBDC — including the FedNow instant payments service.”

In summary, the Biden Administration’s framework focuses on monitoring the crypto-asset sector for unlawful activity and enforce existing laws; continuing using existing authorities to issue guidance and rules to address crypto risks; encouraging the use of instant payment systems, such as FedNow, to support a more competitive, efficient, and inclusive U.S. payment landscape; and establishing a federal framework for payments regulation while supporting responsible payments innovations.

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