In a special bonus episode of the ABA Banking Journal Podcast, ABA’s Rob Morgan digs into the association’s comments on the Federal Reserve’s discussion paper on central bank digital currencies.
The creation of a central bank digital currency “should only be pursued as a final option to meet clearly defined public policy goals that cannot be achieved through payments innovations that leverage existing digital dollars,” the American Bankers Association told the Federal Reserve in a comment letter.
A group of Republican lawmakers led by House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.) this week urged the Federal Reserve to carefully examine whether the benefits of creating a central bank digital currency would outweigh the risks of doing so.
Acting Comptroller of the Currency Michael Hsu called for establishing an “intentional architecture” for stablecoins that would focus on “stability, interoperability and separability,” and also take into account privacy, security and the need to prevent illicit finance.
In a letter to FDIC-insured banks, the agency requested that any institution considering engaging in crypto-related activities provide notification to the appropriate FDIC regional director.
Acting Comptroller of the Currency Michael Hsu today told attendees at ABA Risk 2022 that Russia’s invasion of Ukraine could trigger a recession.
Acting Comptroller of the Currency Michael Hsu told the Financial Literacy and Education Commission that there is “an urgent need for improved crypto literacy and education.”
The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology’s Digital Currency Initiative yesterday published a white paper detailing their work on the first phase of a project—called “Project Hamilton”—designed to explore the idea of a central bank digital currency.
As more customers engage with cryptocurrency, they are increasingly looking to banks to help them safely hold these assets. Banks are responding to this new customer demand.
Five FDIC-insured banks today announced the launch of the USDF Consortium, a group that was formed with the goal of building a network of banks to facilitate the adoption of USDF, a bank-minted stablecoin.