ABA Statement on Treasury Reports on Digital Assets

'We appreciate the Treasury Department's efforts to bring together multiple government agencies to focus on responsible financial innovation, which is critical to ensuring America remains the most vibrant economy with the strongest payments system in the world. America’s banks are leading the way in financial innovation and offer cutting-edge solutions like real-time payments and digital asset offerings, giving their clients access to the latest technology from a regulated provider they can trust. As policymakers move to bring unregulated crypto-native firms and offerings into the regulatory perimeter, we believe consumers and our financial system are best protected when we follow the principle of 'same activity, same regulation.' We remain concerned that a U.S. Central Bank Digital Currency would fundamentally reshape the banking industry to the detriment of consumers and the economy, and we continue to urge banking regulators and Congress to consider the negative, unintended consequences that could result from going down that misguided path. We look forward to working with Congress, Treasury and other banking regulators to chart the future of digital assets in the U.S., and we hope they follow an inclusive process that allows continued feedback and ongoing substantial input from all stakeholders including the nation's banks.'