US President’s Task Force on Financial Markets Releases Stablecoin Report | Perspectives

 US President’s Task Force on Financial Markets Releases Stablecoin Report | Perspectives

Stablecoin issuers to be insured depository institutions regulated at both the depository institution level and the holding company level.
Wallet providers to be subject to federal oversight.
Any entity that performs activities critical to the functioning of stablecoin to be subject to appropriate risk management standards.
Various degrees of activities restrictions between commercial entities and stablecoin issuers and wallet providers.   The Report requests “urgent” congressional action regarding oversight and regulation of  issuers, wallet providers, and related entities. In particular, the Report calls for legislation requiring:

Highlighted Risks

Widespread adoption of stablecoins as a means of payment could occur rapidly. The Report focuses on the use of stablecoins as a means of payment yet notes that stablecoins are predominantly used in the United States to facilitate trading, lending, and borrowing of other digital…

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