In Brief:
- Major cryptocurrency lobby group told U.S regulator to adopt a technology-neutral approach.
- They said Stablecoins do not pose any financial risk to US
A major cryptocurrency lobby group told U.S regulators to adopt a technology-neutral approach and said Stablecoins do not pose a systematic risk to the U.S financial system and should not face a new set of rules.
In a 17 page pdf, the President’s Working Group on Financial Markets, which includes regulators from the Department of Treasury and Federal Reserve “ is focusing on them as part of wider efforts to rein in crypto.”
The scope of this PDF is limited to stablecoins that are pegged to the U.S dollar focused on the U.S retail market and financial regulations.
The Washington based Chamber group said retail-focused stablecoin fix to the dollar should not be subject to a new set of rules “simply because new technology is being deployed,” adding, “New regulatory treatment for stablecoins should only be invoked to the extent necessary to mitigate unique risks that are not currently addressed by the regulatory regime or to account for stablecoins ability to reduce risk or provide new benefits.”
The chamber of Digital commerce has a great membership spanning blockchain, IT sector, and financial sector. Its executive committee includes Binancie.US, Circle, Citigroup, BNY Mellon, Goldman Sachs, IBM, Mastercard, Microsoft, and many more.
On Oct 1 Federal Reserve Chairman Jerome Powell has made clear in his statement that “governments want to regulate cryptocurrencies, but do not have the intention to ban bitcoin and other digital assets.”
