On July 19, the top-level President’s Working Group on Financial Markets met to address "the need to act quickly to ensure there is an appropriate U.S. regulatory framework in place" for stablecoins, a form of cryptocurrency backed by assets, often denominated in dollars. The meeting cited "the risks to end-users, the financial system and national security." This is a pretty clear message from a group composed of the Secretary of the Treasury, the Chairs of the Federal Reserve, SEC, CFTC, and FDIC and the Comptroller of the Currency.
Read Full Article »
