Leading financial industrial groups have urged the government of President Donald Trump to return federal policy that, according to them, the American banks has limited to participate in digital asset markets and warned that it is over -range of the American leadership in financial Innovation hinders.
In a letter to David Sacks, special adviser for artificial intelligence and cryptigence and chairman of the President’s working group on digital asset markets, the groups called for the immediate dissolution or revision of the policy imposed by federal bank agencies under the previous administration.
According to the letter:
“This policy has made it extremely difficult for banks to participate in digital asset-related activities, despite their clear legal authority to do this.”
They also pressed the White House to include important supervisors – the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the office of the Comptroller of the Currency (OCC) – in the efforts of the working group to the American digital power frame to reform.
American banks were
The letter signed by the Bank Policy Institute, American Bankers Association, Securities Industry and Financial Markets Association and other financial organizations, argued that restrictive policy measures are left behind the American banks that are left behind with international competitors in the digital assets sector.
The bank organizations have selected various regulatory actions that were issued under the Biden Administration, including:
- SR 22-6 policy of the Federal Reserve About crypto-asset engagement
- OCC’s Interpretative letter 1179 Limit Crypto -Guardty
- FDICs Fil-16-2022 notification requirement For Crypto activities
- Statements from joint agencies warning against crypto-asset risks
The letter stated:
“The United States will not be able to achieve a leading position in digital assets and financial technology under the status quo.”
The bank groups said that the first step in promoting that goal is to roll back limitations from the Biden era, which they claimed to have created uncertainty and have discouraged American financial institutions to participate in the sector.
The organizations have indicated their intention to offer detailed legal and legislative proposals to help us regain banks of competitiveness in the global digital assets economy. They also asked for a meeting with bags and the working group to discuss the next steps.
Recording in Crypto Task Force
The groups also insisted on expanding the president’s working group to include banking regulations, referring to their influence on the financial markets. The FDIC, OCC and Federal Reserve were not included in the current Task Force, despite their supervision of banks who wanted to deal with digital assets.
The letter pointed to the recent comments from FDIC Acting Chairman Travis Hill, in which he acknowledged that the approach of the Crypto Office had led to a perception that the FDIC was “closed to business” with regard to blockchain and digital assets-related activities .
In addition to banking regulations, the groups suggested that the Financial Crimes Enforcement Network (FINCEN) and the Office of Foreign Assets Control (OFAC) – both divisions of the Ministry of Finance – should also be included in digital asset discussions, given their role in regulating the financial Crime and sanctions compliance.
