US: REPORT ON STABLECOINS

This report, just released, is from the President’s Working Group on Financial Markets, the FDIC and the Office of the Comptroller of the Currency.  It starts by explaining what stable coins are and their role(s).  Stablecoins are digital assets that are designed to maintain a stable value relative to a national currency or other reference assets.  It says that stablecoins and stablecoin-related activities present a variety of risks. They are also said to pose illicit finance concerns and risks to financial integrity, including concerns related to compliance with rules governing AML/CFT and proliferation.  It recommends that the US Congress acts promptly to enact legislation to ensure that payment stablecoins and payment stablecoin arrangements are subject to a federal prudential framework on a consistent and comprehensive basis, and proposes interim measures.

https://home.treasury.gov/news/press-releases/jy0454

https://home.treasury.gov/system/files/136/StableCoinReport_Nov1_508.pdf

A factsheet is available at –

https://home.treasury.gov/news/press-releases/jy0456

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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