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President s Working Group on Financial Markets Issues Statement on Stablecoins: Responsible innovation must exist in line with existing law

Search President’s Working Group on Financial Markets Issues Statement on Stablecoins: Responsible innovation must exist in line with existing law December 24, 2020 @ 11:19 am By JD Alois While stating that stablecoins may serve to improve efficiencies in payments and transfers, the President’s Working Group on Financial Markets (PWG) says responsible innovation must exist in line with existing law. Treasury Deputy Secretary Justin Muzinich issued the following statement: “The statement reflects a commitment to both promote the important benefits of innovation and to achieve critical objectives related to national security and financial stability.  Regulators will continue to look closely at stablecoin arrangements, and look forward to future dialogue on these issues.”

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