Regulators around the world have been thinking seriously about the risks associated with stablecoins since 2019, but recently, concerns have intensified, especially in the United States.
In November, the US President’s Task Force on Financial Markets, or PWG, released a key report, raising questions about potential “stablecoin races” as well as “payments system risk.” The US Senate followed up in December with hearings on stablecoin risks.
This raises questions: Will stablecoin regulation arrive in the United States in 2022? If so, will it be “far-reaching” federal legislation or a more piecemeal regulation from the Treasury Department? What impact could it have on non-bank stablecoin issuers and the crypto industry in general? Could it stimulate a kind of convergence where stablecoin issuers become more like high-tech banks?
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