According to President Trump’s working group on financial markets, stable coins should meet the same regulatory standards as other aspects of the financial system.
The working group released a report on Wednesday setting out how it views retail customer payments with stablecoins and asking for public feedback on the matter.
Stable coins must meet the relevant requirements for money laundering and supervision, the document states:
“If the US has a massive roll-out of a stable coin, primarily used for consumer payments, the risks involved may require additional safeguards. We encourage relevant participants who are involved in shaping such stable coin agreements, their functions, operations, transactions and risk management to align themselves with the key principles. “
These principles include managing financial stability risks.
US regulators should coordinate with each other and with international partners to ensure they are keeping up with the space, the document says.
The working group, which includes Treasury Secretary Steven Mnuchin, Federal Reserve Chairman Jerome Powell, Securities and Exchange Commission Chairman Jay Clayton, and Commodity Futures Trading Commission Chairman Heath Tarbert, was founded and has been by President Ronald Reagan in the late 1980s the task of overseeing and promoting US financial markets.
In a statement, acting currency auditor Brian Brooks said he appreciated the “productive balance” the group had achieved on the matter.
“In their wisdom, the group also remained agnostic about non-hosted wallet technology, which helps the nation stay competitive by maintaining the industry’s ability to innovate responsibly and adapt to the needs and preferences of the marketplace and the consumer adapt, “said Brooks.