World association

Cryptoassets, CBDC and privacy are top priorities for ETA’s public policy agenda for 2022


WASHINGTON, January 7, 2022 / PRNewswire / – Today, the Electronic Transactions Association (ETA) released its policy priorities for 2022, highlighting the issues most relevant to ensuring the digital payments industry is able to continue providing payment services efficient and secure that benefit consumers.

“The digital payments industry is one of the most innovative, dynamic and competitive industries in existence today, leveraging a sophisticated and interconnected infrastructure to deliver financial products and services that benefit consumers, businesses and consumers. the US economy, ”said the CEO of ETA. Jodie kelley.

“As the voice of the digital payments industry, ETA looks forward to continuing to advocate before policymakers in Washington DC, in all 50 states and Canada to strengthen the industry’s ability to provide consumers with innovative, safe and robust ways to receive, hold and spend their money. “

ETA’s public policy priorities for 2022 include:

Cryptoassets – Cryptoassets have the potential to change the way trading takes place. An appropriate regulatory framework is essential if this potential is to be realized in a way that protects consumers and encourages continuous innovation. This framework should not be prescriptive but rather should carefully consider the use that is made of crypto-assets and adapt regulations to the risk profile presented.

More specifically, ETA supports public policies that advance the five guiding principles, which we believe are essential to ensure the appropriate regulatory balance:

  • Correctly define crypto-assets
  • Adapt the regulations to the risk profile of the participant / activity
  • Ensuring consumer protection
  • Harmonization with existing regulatory frameworks
  • Encourage responsible innovation

Central bank digital currency (CBDC) – Central bank digital currencies are being studied by governments around the world; in the United States, policymakers and the Federal Reserve are actively considering the possibility of establishing a CBDC. Since the existing payment system in the United States is safe, effective, dynamic and efficient, ETA urges decision makers to act thoughtfully and deliberately to ensure that there are no unintended consequences and that any CBDC would add value to the ecosystem.

Specifically, ETA supports public policies related to a CBDC that advance these seven guiding principles:

  • Encourage innovation
  • Provide the right tool for the job
  • Ensuring the participation of the private sector
  • Interoperability
  • Open acceptance
  • Consumer protection
  • Regulations adapted to the risk profile of the participant

Private life – The payments industry has long been committed to protecting the privacy of consumer data. This commitment, along with the industry’s commitment to safety, is at the heart of public confidence in the industry. ETA supports a strong, principled federal privacy standard that ensures predictability and consistency for consumers. Since privacy and security are intertwined, any privacy regime must also ensure that data can continue to be used to advance the industry’s strong and effective fraud protection efforts.

In addition, ETA will focus on other important public policy issues, including open banking; buy now / pay later (BNPL); artificial intelligence; patent reform; and tax matters; working to ensure that the digital payments system – which includes robust consumer protection and innovation that allows consumers and businesses to move money securely and efficiently – continues to thrive.

A complete list of ETA’s priorities on the Federal level, in the states, and in Canada can be found on the links.

About ETA
The Electronic Transactions Association (ETA) is the world’s leading defense and trade association for the payments industry. Our members span the spectrum of major payments and fintech companies, from the largest incumbents to emerging disruptors in the United States and in more than a dozen countries around the world. ETA members make trading possible by dealing with approximately $ 22.5 trillion every year in worldwide purchasing and rolling out payments innovation to merchants and consumers. www.electran.org

MEDIA CONTACT

Scott talbott
Senior Vice President government affairs
[email protected]
202-677-7403

SOURCE Electronic Transactions Association (ETA)