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US federal regulators set new expectations for stablecoin issuers The President s Working Group has not said anything revolutionary, but does establish some new clarity. 33947 Total views
A group of leading U.S. financial regulators has released a new statement on stablecoins.
One of the headlining topics of crypto regulation news this year, stablecoins were the main topic of a Dec. 23 statement the President’s Working Group on Financial Markets, or PWG. The PWG includes representation from the Treasury, the Federal Reserve, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.
The group s stated opinions were hardly revolutionary, mostly saying that stablecoin issuers would need to abide by all the typical rules of the road in terms of financial law. The regulators say that stablecoins need to have systems in place to abide by all applicable anti-money laundering requirements before coming to market.
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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.”
US Presidential Advisory Group Insists on Regulation of Stablecoins
Dec 24 2020 · 12:18 UTC by James Lovett · 3 min read
Photo: Depositphotos
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On Wednesday, President Trump’s Working Group on Financial Markets published a report regarding stablecoins retail payments perception amongst the public.
A certain leading US financial regulators group has recently issued a new statement regarding stablecoins. The group recommended that the same regulation used in other financial systems ought to be applicable to stablecoins. This decision was based on the fact that traders usually rely on stablecoins to purchase cryptocurrencies like Bitcoin used for quick transactions execution, due to their low volatility.