A proposed rule to require payment stablecoin issuers to maintain customer identification programs must go further if it is to reflect those firms’ business models and ensure equal treatment for all financial institutions, ABA said.
A recent effort by the Financial Action Task Force to improve cross-border payment transparency is commendable, but there are additional steps the task force should take to reduce operational challenges and preserve a true risk-based approach, ABA said.
Noting more than half of recent bank charter applications received by his agency involve digital assets, Comptroller of the Currency Jonathan Gould said his job isn’t about “incumbent protection” but rather preserving the integrity of the banking system.
The average U.S. credit card spend rose $109 since last year, reflecting financial strength for some customers and mounting financial pressure for others, according to JD Power’s 2026 U.S. Credit Card Satisfaction Study.
The Treasury Department released proposed rulemaking to require digital asset providers to obtain a federal or state license before issuing payment stablecoins, as required by the Genius Act.
As it seeks to implement the Genius Act, the Treasury Department should not allow states to greatly expand the scope of services offered by payment stablecoin issuers beyond what is spelled out in the law, ABA said.
