US Federal regulators establishes clarity for stablecoin issuers. A group of leading U.S. financial regulators has introduced a new statement on stablecoins.
One of the key topics of this year’s crypto regulation news, stablecoins, was the main theme of the statement by the President’s Working Group on Financial Markets, or PWG, on December 23. The PWG included representation from the Treasury, the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The group’s opinions were not groundbreaking, with most of them suggesting that stablecoin issuers would have to abide by all the usual rules of the road in terms of financial law. Regulators claim that stablecoins need frameworks in place to comply with all relevant anti-money laundering standards before they are placed on the market.
Additionally, there was no mention of stablecoins necessarily being currencies or commodities, which are subject to less aggressive regulation than securities or derivatives. The regulators, instead left the question open “Depending on its design and other factors, a stablecoin may constitute a security, commodity, or derivative subject to the U.S. federal securities, commodity, and/or derivatives laws.”
The announcement quotes Treasury Deputy Secretary Justin Muzinich as saying, “The statement reflects a commitment to both promote the important benefits of innovation and to achieve critical objectives related to national security and financial stability.”
[image: Renan Kamikoga]
