House lawmakers took part in a contentious debate over how stablecoins should be regulated at a hearing held by the Financial Services Committee’s digital assets panel—where there were also some hopeful signs from both sides. At the heart of the debate on May 16 was the level of involvement of state regulators and the Federal…
Lawmakers Clash Over Regulation of Stablecoins
May 18, 2023
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Top Fed Official Sounds Alarm on Stablecoins: ‘Could Pose a Risk to Financial Stability’
Stablecoins are usually described as the remedy to the volatility of cryptocurrencies. However, Michael S. Barr, vice chair for Supervision for the U.S. Federal Reserve is worried they could “pose a risk to the financial stability” of the country. Barr said it is important to get the regulatory framework right. “The President’s Working Group report…
Federal Reserve Warns Stablecoins May ‘Lose Value’
The increasing use of stablecoins—cryptocurrencies which try to offer price stability by pegging their market value to a reserve asset—has triggered concerns at the Federal Reserve, with the central bank’s latest financial stability report warning that these digital assets are “prone to runs.” “Stablecoins typically aim to be convertible, at par, to dollars, but they…
Japan Seeks to Impose Legislation on Stablecoin Issuers
Japan’s Financial Services Agency (FSA) is set to propose new legislation in 2022 that will restrict the issuance of stablecoins to banks and wire transfer companies, as part of its effort to cut potential risk from asset-backed stablecoins, such as Tether. With the new legislation, companies engaged in stablecoin transactions, such as wallet providers, will…
ECB Can’t Yield Digital Money Space to Private Sector: Panetta
November 5, 2021
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FRANKFURT—The European Central Bank needs to issue a digital euro as yielding the space entirely to private sector initiatives like stablecoins could endanger financial stability and weaken the role of the central bank, ECB executive board member Fabio Panetta said. The ECB has been working on designing a digital currency, a direct claim on the…
Stablecoins to Face Same Safeguards as Traditional Payments
LONDON—Stablecoins would have to comply with the same safeguards as their more traditional competitors in payments under proposals from regulators on Wednesday as authorities get to grips with a rapidly evolving sector. Stablecoins are cryptocurrencies designed to have a stable value relative to traditional currencies, or to a commodity such as gold, to avoid the…
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