Washington, D.C. — Greg Baer, BPI President and Chief Executive Officer, issued the following statement today in response to remarks by U.S. Secretary of the Treasury Janet Yellen on digital assets:
BPI believes digital assets should be brought under the regulatory umbrella consistent with a technology-neutral approach to regulation endorsed by the Secretary. Explicit rules and regulations benefit consumers, safeguard the financial system and provide regulatory clarity to institutions and entrepreneurs seeking to engage in responsible innovation. BPI appreciates the Secretary’s recognition of this important issue and strongly supports the Administration’s commitment to obtaining adequate facts, data and research to guide its efforts on digital assets, including any determination on whether the benefits of a proposed central bank digital currency could ever overcome the substantial costs and risks.
A deeper look: For more on digital assets, see BPI’s work here.
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.