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Key Takeaways
- Community bankers want deposit analysis before SEC rule.
- Group says crypto exemptions could boost stablecoin use.
- USDC reserve cash sits mostly at major banks.
- Higher deposit rates preceded slower stablecoin growth.
In a comment letter filed on October 20, the last day for comments, the Independent Community Bankers of America (ICBA) asked the SEC not to finalize Regulation Crypto Assets until it studies the rule’s effect on community-bank deposits and local lending.
What the SEC proposed and what ICBA wants
The proposal, published in the Federal Register on August 21, would exempt certain crypto-linked investment contracts from Securities Act registration in exchange for principles-based disclosures. One exemption covers raises of up to $5 million over four years; a second allows up to $75 million in each 12...
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