The Agencies believe that legislation is “urgently needed to comprehensively address the prudential risks” 2 posed by payment stablecoins and recommended that Congress “act 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.” 3 The publication of the PWG Report occurred during a year in which the stablecoin supply grew approximately 523%, from $29.06 billion as of January 1, 2021, to $152.12 billion as of January 1, 2022. The PWG is chaired by the Secretary of the Treasury and includes the Chair of the Board of Governors of the Federal Reserve System (FRB), the Chair of the SEC, and the Chair of the CFTC, or their designees (the agencies comprising the PWG, together with the FDIC and the OCC, are referred to in this report collectively as the Agencies). On November 1, 2021, the PWG, together with the FDIC and the OCC, published the PWG Report. Part IV summarizes guidance issued by the OCC on November 18, 2021, relating to certain cryptocurrency, distributed ledger and stablecoin activities. 1 Parts II and III highlight certain stablecoin-related enforcement activities of the SEC and the CFTC, respectively. Part I of the report covers the “Report on Stablecoins” (PWG Report) issued on November 1, 2021, by the President’s Working Group on Financial Markets (PWG), together with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC). This report summarizes some of the key initiatives of those US federal regulators. During the past few months, the US Treasury, the US banking agencies, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have pursued several regulatory or enforcement initiatives relating to firms engaging in stablecoin activities.
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