What’s happening: The U.S. House Committee on Financial Services is hosting a hearing today focusing on “Digital Assets and the Future of Finance.” The Bank Policy Institute submitted written testimony to the Committee for the record, which can be accessed below or by clicking here.
What BPI is saying:
“Congress is justified in its examination of stablecoin risks and should take swift measures in coordination with U.S. regulators to establish clear rules on how financial institutions can engage in digital asset activities. Digital asset innovation is well past proof-of-concept stages, gaining steam and has thus far been happening outside of the regulated banking sector while banks await guidance. Absent such guidance, the highly regulated banking sector will be left on the sidelines as digital asset innovations continue to advance unchecked in the unregulated sectors, with little to no government oversight to ensure the safety and soundness of our financial system and the protection of ordinary American consumers.” — Paige Pidano Paridon, senior vice president and associate general counsel
About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.