The US Financial Markets Working Group (PWG) has called on Congress to include stablecoins under federal law as soon as possible.
Federal Markets Working Group; He explained that the use of stablecoins could lead to disruptions in the payment system and concentration in economic power.
The Financial Markets Working Group, which includes the Secretary of the Treasury, the Chairman of the Fed, the Chairman of the Securities and Exchange Commission (SEC), and the Chairman of the Commodity Futures Trading Commission (CFTC), agreed with the Federal Deposit Insurance Corporation (FDIC) and the OCC in the long-awaited stablecoin report released yesterday. worked together.
PWC seeks to address the concerns of stablecoin issuers. same status as insured institutions accepting deposits location of service providers that provide custody services with the digital wallet procedure. federal oversight. and stablecoin issuers imposing restrictions on contacts it may establish with commercial establishments. suggests.
Insured institutions that accept deposits in the USA; It consists of institutions whose deposits are secured, subject to legal limits, have access to the services of the Federal Reserve, and are licensed to operate as banks or savings finance companies.
“Legislation; issuing stablecoins and engaged in activities related to the deterioration and maintenance of reserve assets [kurumları], restricted to deposit-accepting insurance companies. This legislation allows other institutions to pay [aracı niteliğindeki] will prohibit it from issuing stablecoins.”
Different stablecoins can be qualified as securities, commodities and/or derivatives and that these stablecoins may be subject to direct scrutiny by the SEC or the CFTC. specified.
Treasury, Fed, SEC and CFTC; Unless Congress takes action to regulate stablecoins Federal Stability Oversight Council (FSOC) He wants her to be involved.
Financial Markets Working Group; In preparing this assessment report, he conducted discussions with Circle, Gemini, Paxos, and Tether, who have already produced stablecoins, among other stakeholders.
The stablecoin market, including these names, was launched earlier this year. approximately $28 billion in total. while it has a market value A market of 138 billion dollars became.
“The rapid growth of stablecoins is the reason for this study. adds urgency. If no action is taken, payment [aracı niteliğindeki] stablecoins for users, the financial system and the economy at large. without adequate protection growth risk is taken.”
