ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Newsbytes

Biden administration calls for more digital asset regulation

September 16, 2022
Reading Time: 2 mins read
Cryptocurrencies and Exchanges Will Face Increased Regulatory Focus

Federal regulators should “aggressively” pursue enforcement against illegal practices in digital asset markets and redouble efforts to monitor consumer complaints about bad actors, according to a series of interagency reports released today by the Treasury Department. The nine reports, spurred by a March 9 executive order by President Joe Biden, call on federal agencies to take multiple steps to increase regulation and educate the public about the risks associated with cryptocurrencies and other digital assets. They also call for further research into the creation of a U.S. central bank digital currency, or CBDC.

In a statement, the Treasury Department said the reports “articulate a clear framework for responsible digital asset development and pave the way for further action at home and abroad.” The Biden administration plans to take several actions in response. They include directing regulators the Securities and Exchange Commission and Commodity Futures Trading Commission to “aggressively pursue” investigations and enforcement against unlawful practices in the digital assets space; urging the CFPB and Federal Trade Commission to monitor consumer complaints; and directing the Financial Literacy Education Commission to lead a public-awareness effort to help consumers understand the risks involved with digital assets.

Other actions will require approval from Congress. The Biden administration will evaluate whether to ask Congress to amend the Bank Secrecy Act, anti-tip-off statutes and laws against unlicensed money transmitting to apply explicitly to digital asset service providers, according to the Treasury Department. The president will also explore whether to urge Congress to raise the penalties for unlicensed money transmitting to match the penalties for similar crimes, and to amend relevant federal statutes to let the Justice Department prosecute digital asset crimes in any jurisdiction.

In terms of creating a CBDC, the reports outline no clear course of action, although they do point to “significant benefits” such as helping “preserve U.S. global financial leadership.” The Biden administration is instead urging the Federal Reserve to continue its ongoing CBDC research but added that the Treasury Department will lead an interagency working group to consider the potential implications of a CBDC, leverage cross-government technical expertise and share information with partners.

American Bankers Association President and CEO Rob Nichols noted in a statement that U.S. banks are leading the way in financial innovation and offering cutting-edge solutions. “As policymakers move to bring unregulated crypto-native firms and offerings into the regulatory perimeter, we believe consumers and our financial system are best protected when we follow the principle of ‘same activity, same regulation,’” he said.

Nichols also reiterated ABA’s concern about creating a CBDC, which “would fundamentally reshape the banking industry to the detriment of consumers and the economy, and we continue to urge banking regulators and Congress to consider the negative, unintended consequences that could result from going down that misguided path.”

ADVERTISEMENT
Tags: CryptocurrencyRegulatory burden
ShareTweetPin

Related Posts

Bankers urge lawmakers to ease regulatory hurdles for de novo bank formation

Bankers urge lawmakers to ease regulatory hurdles for de novo bank formation

Community Banking
May 14, 2025

The founders of two de novo banks shared with lawmakers the challenges of launching a new financial institution in the current regulatory climate, and they pushed for legislation to ease some of those burdens in the early years...

Banker op-ed: Durbin-Marshall credit card bill will hurt small businesses

Report: Federal, state attempts to limit credit card interchange would harm consumers

Newsbytes
May 14, 2025

Legislation intended to reduce credit card interchange fees would reduce revenue for community banks and credit unions, leading to less access to credit and disproportionately harming low-income households, according to a recently published academic report.

ABA comments on proposal to improve accounting in tax credit structures

House committee advances tax package with ABA priorities

Ag Banking
May 14, 2025

The House Ways and Means Committee voted along party lines to advance a federal budget reconciliation tax package that includes several of ABA's policy priorities

ABA, associations urge lawmakers to finalize deal on debt ceiling

ABA urges lawmakers to lift regulatory barriers to bank merger, de novo formation

Community Banking
May 14, 2025

Narrow supervisory standards, inconsistent approval timelines and other regulatory impediments are limiting new bank formation and leading to further consolidation in the financial sector, ABA said.

Bank survey gauges small business financial preparedness

Bank survey gauges small business financial preparedness

Economy
May 13, 2025

Nearly three in four small business owners believe they can withstand revenue shortfalls for only two quarters before becoming concerned about the future of their businesses, according to a recent survey by TD Bank.

Former NCUA chair named acting OCC head

Acting Comptroller Hood outlines OCC priorities

Newsbytes
May 13, 2025

In a recent speech, Acting Comptroller Rodney Hood outlined his top priorities for the OCC, including efforts to promote financial inclusion and expand the banks’ ability to provide cryptocurrency services.

NEWSBYTES

Bankers urge lawmakers to ease regulatory hurdles for de novo bank formation

May 14, 2025

Report: Federal, state attempts to limit credit card interchange would harm consumers

May 14, 2025

House committee advances tax package with ABA priorities

May 14, 2025

SPONSORED CONTENT

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025
AI for Banks: A Starter Guide for Community and Regional Institutions

AI for Banks: A Starter Guide for Community and Regional Institutions

March 1, 2025

PODCASTS

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025

How a Georgia community bank supports government-guaranteed lending nationwide

May 1, 2025

Podcast: Quantum computing’s shakeup in payments, cybersecurity

April 24, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.