Optimism fading? Regulatory discussion on stablecoins postponed until Fall
While there is no shortage of legislative initiatives to regulate stablecoins, the idea of the American CBDC remains problematic. Among a rich range of anxieties both for the crypto industry and the global economy at large, the summer of 2022 will be remembered as the time when the stablecoins proved themselves to be not so stable and thus came into the focus of regulators’ attention. The shock of the TerraUSD (UST) depegging in May opened a season of heated-up discussions on stablecoins around the world. The top financial officials from the Group of Seven (G7) largest advanced industrial....
Related News
The updated guidelines seek to clarify the terms of crypto assets lending and specify the status of CBDCs. A joint committee of the United States's Uniform Law Commission (ULC) and the American Law Institute (ALI) finalized amendments to the Uniform Commercial Code (UCC), regulating the specifics of digital asset transactions and crypto-as-collateral secured financings. The amendments are “recommended for enactment in all the States,” although each case of final implementation may vary depending on the State. A final draft of the ULC-ALI Emerging Technologies Committee’s amendments to the....
Her Majesty’s Treasury in the U.K. issued a document that details a series of proposals addressing the crypto community. With the consultation, the Treasury is initiating a “regulatory approach to cryptoassets and stablecoins” for 2021 following the Brexit turmoil. Special Focus on Stablecoin Regulation According to the official announcement, the consultation mainly targets stablecoins to gather investments and wholesale uses. The HM Treasury expects to collect insights from the “industry and stakeholders” in the crypto sphere until March 21, 2021. In 2018,....
Stablecoins should meet the same regulatory standards as other financial instruments, Trump’s Working Group on Financial Markets said.
Patrick McHenry implied that the U.S.' regulation of stablecoins with a “single regulator at the federal level” would likely fail. Whether regulations on stablecoins and digital assets should be addressed at the state or federal level was the topic of discussion among at least two U.S. lawmakers in a hearing for the House Committee on Financial Services.Speaking virtually at a Tuesday hearing titled “Digital Assets and the Future of Finance: The President’s Working Group on Financial Markets’ Report on Stablecoins,” North Carolina Representative and ranking committee member Patrick McHenry....
Hong Kong’s financial watchdog says it is concerned over the rising popularity of stablecoins, as it invites the public to give their say on the merits and challenges of e-HKD. The Hong Kong Monetary Authority (HKMA) has warned that stablecoins could undermine the Hong Kong dollar in a just released discussion paper about its retail central bank digital currency, e-HKD. The HKMA today issued a discussion paper, outlining the policy and design issues involved in the introduction of e-HKD, and encourages the public and industry to participate in the consultation and share their views. Find....