While some have called on the SEC to treat stablecoins broadly as an investment vehicle, cryptocurrency advocates fear that bank-caliber regulation could squash the sector’s innovative potential before it can develop. The group specifically convened to discuss “the rapid growth of stablecoins, potential uses of stablecoins as a means of payment, and potential risks to end-users, the financial system, and national security,” according to a Treasury press release.Ī debate is emerging among economists, lawyers, academics and fintech advocates on what is the appropriate government response. and Office of the Comptroller of the Currency attended a meeting of the President’s Working Group on Financial Markets. In July, senior officials from the Treasury Department, Fed, Securities and Exchange Commission, Commodity Futures Trading Commission, Federal Deposit Insurance Corp. Most policymakers agree that the ecosystem of stablecoins - a type of cryptocurrency that generally pegs itself to other forms of fiat money to maintain a set value - is not quite large or significant enough yet to constitute an immediate threat to financial stability. Meanwhile, the Federal Reserve is weighing a separate policy - whether to issue its own digital currency - that could shake up the competitive landscape for stablecoins. What approach regulators ultimately take is far from certain, but officials and outside observers have floated a number of possible scenarios, from regulating stablecoins like bank deposits to treating them more like a security. financial regulator as well as the Biden administration, raising the likelihood that the emerging sector will eventually fall subject to federal rules and enforcement. WASHINGTON - The tremendous growth in stablecoin issuers such as Tether and Circle's USD Coin has drawn the attention of virtually every U.S.
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