SIFMA today released the following statement from president and CEO Kenneth E. Bentsen, Jr. on the President’s Working Group (PWG) report on digital assets, entitled “Strengthening American Leadership in Digital Financial Technology”:
“SIFMA appreciates the engagement of the President’s Working Group (PWG) on Digital Assets Markets in supporting innovation and regulatory modernization. SIFMA has proposed a series of recommendations to the PWG to bolster U.S. leadership in digital assets by removing obstacles to bank engagement with digital asset activities, and we welcome the PWG’s support for many of these recommendations. This includes clarifying that banks can permissibly engage in crypto asset activities; creating consistent rules across agencies; regulating the activity, not the technology; and setting clear and uniform risk-management expectations.
“SIFMA continues to encourage policymakers to preserve the protections of existing regulatory frameworks as they move forward, including the importance of rules designed to protect investors from potential conflicts of interest, and we look forward to continuing our constructive engagement with the Administration, regulators and Congress on these issues.”
