ABA cautions against allowing state regulation that could expand stablecoin issuer activities
As it seeks to implement the Genius Act, the Treasury Department should not allow states to greatly expand the scope...
Payments
Senate adjourns with no vote on Clarity Act
The Senate adjourned without holding a final vote on the Clarity Act, punting further action on the bill until at...
ABA: More work needed to harmonize BSA/sanctions requirements for stablecoin issuers
ABA supports requiring stablecoin issuers to comply with the Bank Secrecy Act and sanctions requirements, but proposed rulemaking to establish...
ABA, associations: Stablecoin review committee must establish formal procedures
A new committee to review state-level regulatory frameworks for stablecoins must adopt strong, transparent rules before it starts making decisions...
Bankers: Local lending at risk if stablecoin payment of interest loophole isn’t closed
Warning of the potential fallout for banks and the communities they serve, bank leaders from across the U.S. are urging...
ABA, associations ask agencies to commit to reproposing conflicting Genius Act rules
As the various federal banking agencies race to establish separate regulations for stablecoin issuers, they should be open to reproposing...
ABA seeks equal treatment for all institutions under proposed stablecoin BSA, sanctions rule
ABA supports the OCC’s proposed approach to treat stablecoin issuers like financial institutions for Bank Secrecy Act and sanctions compliance,...
ABA, CBA urge Fed to strengthen safeguards for proposed ‘payment accounts’
The Federal Reserve’s proposed payment account framework is a prudent approach to responsible innovation if additional safeguards are adopted to...
Hispanic business group warns Clarity Act will harm local lending
A market structure bill for digital assets threatens to weaken the financial ecosystem supporting Hispanic-owned businesses by spurring the migration...
ABA, associations: Updated crypto market structure bill still puts local lending at risk
The latest version of a proposed market structure bill for digital assets still puts at risk the local lending that...
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