Additionally, a report by the President’s Working Group on Financial Markets highlighted the risks of stablecoins, recommending they be issued by insured depository institutions subject to consolidated supervision. Any providers of custodial wallets should also be subject to appropriate federal oversight. For our part, ABA is taking a deep dive into what we can do to support banks’ participation in crypto and other digital assets through both our advocacy and technology partnerships. Additionally, in December, we invested in NYDIG, a leading provider of bitcoin services for banks. This investment will support banks’ ability to meet customer demand in this rapidly evolving market so that as we unlock this “new frontier” of cryptocurrencies and digital assets, consumers can continue to place their trust in America’s banks to meet their financial needs. We understand that expanding into cryptocurrency products and solutions won’t be for every bank, and that’s okay. We firmly stand with banks in their right to decide what products they will offer according to their own judgment and market strategy. However, even with Women in Banking Conference August 18-19, 2022 Westin Beaver Creek SCAN TO LEARN MORE AND REGISTER mixed opinions on the value of cryptocurrency as an asset class or as a basis for a product set, ABA strongly believes banks should have access to the tools, partners and regulatory frameworks that allow them to meet their customers’ needs. For more information, email Rob at nichols@aba.com. Bank customers know they can rely on their banks to steward their finances and keep their financial data safe. A recent Morning Consult poll highlighted that banks are the most trusted among all financial services providers. SCAN TO LEARN MORE AND REGISTER 2022 Banker Summit Broadmoor Hotel Colorado Springs May 4-6, 2022 Colorado Bankers Association The Colorado Bankers Association The March • April 2022 13
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