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ABA calls on lawmakers to regulate stablecoin issuers like banks
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finextra.comOn Thursday, the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion debated two bills on stablecoin regulation, one brought by committee chairman Patrick McHenry and the other by ranking member Maxine Waters. The ABA says that while it supports parts of both bills, they fall short in several areas.
Specifically, McHenry's does not include financial stability as a factor that regulators must consider when evaluating payment stablecoin issuer applications. In addition, both bills offer a lack of public disclosure for issuers or requirements for third-party audits of reserves.
Read more on finextra.comAbout this in other media
Japanese Stablecoin Ban Lifted, Banks Prepare Move cryptonews.com /11 months ago
Former House Rep blames industry outsiders for associating crypto with bank's failure cointelegraph.com /11 months ago
Hong Kong and UAE Central Banks Join Forces on Crypto Regulations cryptonews.com /11 months ago
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