The Clearing House: Value on RTP network up nearly 95% in 2024

A new committee to review state-level regulatory frameworks for stablecoins must adopt strong, transparent rules before it starts making decisions “that will shape the payment stablecoin market for years to come,” ABA and three bankers associations said.

Warning of the potential fallout for banks and the communities they serve, bank leaders from across the U.S. are urging Senate leaders to use the Clarity Act to close a loophole that allows digital asset service providers to...

As the various federal banking agencies race to establish separate regulations for stablecoin issuers, they should be open to reproposing any rule that conflicts with a regulation put forward by another agency, ABA and three banking associations said.

ABA supports the OCC’s proposed approach to treat stablecoin issuers like financial institutions for Bank Secrecy Act and sanctions compliance, but believes further changes are needed for equal treatment of all regulated entities.

The Federal Reserve’s proposed payment account framework is a prudent approach to responsible innovation if additional safeguards are adopted to protect the safety, soundness and integrity of the U.S. payments system, ABA and the Consumer Bankers Association said.

A market structure bill for digital assets threatens to weaken the financial ecosystem supporting Hispanic-owned businesses by spurring the migration of deposits from federally insured financial institutions to cryptocurrency platforms that don’t offer lending, the U.S. Hispanic Chamber...