Mid-Size Bank Coalition of America
The Mid-Size Bank Coalition of America (MBCA) is a coalition formed in 2018 by members of the banking industry to foster collaboration and innovation among mid-sized banks. The MBCA seeks to provide resources, education, and support for mid-sized banks as they explore new technologies such as cryptocurrency.
The core mission statement of the MBCA is “to leverage our collective strength to facilitate growth opportunities for all member institutions in an increasingly challenging financial landscape”. This includes providing a unified voice on policy issues that affect mid-sized institutions and creating avenues for cross-institutional collaboration on projects related to technology, regulation, compliance, risk management, and more.
MBCA has already taken several steps towards its goal of enabling greater adoption of cryptocurrencies within the banking sector. In 2019 it released a set of guidelines offering best practices when dealing with digital assets such as Bitcoin or Ethereum; this was followed up in 2020 with another publication focusing on how blockchain technology can be leveraged by mid-size banks. Additionally, MBCA has organized meetings between regulators and traditional financial institutions to discuss crypto regulations at both national and international levels.
Going forward, MBCA plans to continue exploring ways that cryptocurrency products can benefit their member banks while maintaining strict adherence to regulatory standards. As more organizations join forces through partnerships like the one facilitated by the MBCA – including companies from outside finance – we could see increased acceptance and use cases for cryptocurrencies across different industries over time