The American Bankers Association joined the Bank Policy Institute and four other financial sector associations in voicing support for an initiative by President Trump to establish a regulatory framework for digital assets while eliminating existing obstacles to bank engagement with the sector.
In January, Trump created the Working Group on Digital Asset Markets, which will both review existing regulations affecting digital assets and propose new policies to advance the sector. In a joint letter to David Sacks, the White House advisor for artificial intelligence and crypto, the associations said they support the goals of the working group and proposed recommendations to bolster U.S. leadership in digital assets. They listed several policies and guidelines by banking regulators that they say should be rescinded or substantially revised, including two interagency statements on crypto-asset risks.
“The federal banking agencies’ policies and guidance issued over the last few years regarding digital assets activities have hindered banks’ ability to engage in those activities, and, in turn, the competitiveness of the United States financial system, as non-U.S. firms are not subject to similar requirements,” the associations said. “Simply put, the United States will not be able to achieve a leadership position in digital assets and financial technology under the status quo.”
