A network of groups representing the American financial sector calls on the Crypto -tsaar David Sacks of the White House with the federal supervisors in the President (PWG) working group on digital assets.
In a letter to Sacks, the American Bankers Association, the Financial Services Forum, the Bank Policy Institute, The Clearing House, the Association of Global Custodians and the Securities Industry and Financial Markets Association (Sifma) say they strongly support “Trump’s goals” “For the PWG.
However, the group says that it is of the opinion that many regulations and instructions on digital assets of supervisors must be withdrawn or weakened, especially those for which every crypto-related activity is needed to go through extensive approval processes.
Moreover, the group says that, since banks are now strongly involved in digital assets, federal banking regulations must be more included in the development of the regulatory framework of the industry.
“… Given that the involvement of banks in digital asset-related activities is crucial to help the United States to strengthen its leading position in the Global Digital Assets Ecosystem, we recommend that you reconcile their involvement. We believe that the participation of these agencies in the PWG and any other digital-asset and crypto-related work that is undertaken by administration is absolutely necessary to help the PWG to develop an extensive digital asset-framework for all market participants and promote one of the priorities of administration to ‘supporting responsible growth and the use of digital assets, blockchain -Technology and related technologies in all sectors of the economy …
The traditional financial network says that it is “crucial importance that the federal banking agencies are included in the PWG”, since banks are an “essential part of the financial and payment system”.
“Participation of the federal bank agencies in the PWG will ensure that the goals of the executive order have been achieved.
As discussed above, the policy and guidance of the federal banking agencies has been issued in the last few
Years with regard to activities of digital assets have the ability of banks to participate in those activities, and in
Turn, the competitiveness of the financial system of the United States, since non-American companies are not subject
Similar requirements. Simply put, the United States will not be able to achieve a leading position in
Digital assets and financial technology under the status quo. “
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