WASHINGTON–Following the release last week by the Biden Administration of a new “digital assets framework,” the Independent Community Bankers of America (ICBA) has released a new survey indicating consumers “support a regulatory framework for digital assets and are skeptical of the creation of a U.S. central bank digital currency.”
Those findings align with the position that has been taken by the ICBA.
According to the ICBA polling conducted by Morning Consult:
- 71% of voters say investing in cryptocurrency is risky, including more than three in five (62%) who own or have owned crypto
- 55% of voters say regulations in the traditional banking industry make them trust it more
- 46% of voters say they are aware that cryptocurrencies are not subject to the same regulations as the traditional banking sector — with 35% unaware
- More than half of voters, including a bipartisan majority, say the establishment of a U.S. CBDC would increase the risk of their personal financial privacy and security being breached
- Nearly two-thirds of voters (64%), including a bipartisan majority, say they would rather have their personal bank account with a private commercial bank than with the Federal Reserve.
Bankers Express Support, Opposition
“With today’s Treasury and Justice department reports advancing the policy debate on digital assets, ICBA reminds policymakers that the nation’s community banks support a clear regulatory framework for digital assets and oppose the creation of a U.S. central bank digital currency,” ICBA President and CEO Rebeca Romero Rainey said in a statement. “As ICBA told the Treasury and Commerce departments in recent comment letters on crypto oversight, policymakers should prioritize protecting national security amid catastrophic developments in the crypto markets while collaborating on a comprehensive regulatory framework that utilizes more effective alternatives to a U.S. CBDC — including the FedNow instant payments service.”
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