Assessment: “The nine most terrifying words in the English language are, ‘I’m from the government, and I’m here to help.” Ronald Reagan …
The President’s Working Group on Financial Markets called for bank-like regulatory oversight of stablecoins in a much-anticipated report.
The report highlights gaps in regulation to reduce risks and calls for several legislative moves.
“He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads” Rev. 13:16
It calls for Congress to pass legislation requiring stablecoin issuers to be insured depository institutions in order to prevent against a “run on the bank,” it calls for legislation to require wallet providers to have federal oversight to address payments risk, and it calls for legislation to make stablecoin issuers comply with rules that limit affiliations with other commercial entities.
In the meantime, it calls for agencies to address some of the risks that stablecoins present to the financial system, including the Financial Stability Oversight Council, such as designating certain stablecoin activities as “systemically important payment, clearing, and settlement activities.”
Read More @ Protocol HERE
