Morgan Stanley named a way to regulate stablecoins in the United States
According to the bank’s analysts, the US administration believes that crypto regulation will help the dollar remain the dominant means of payment
12.04.2022 - 16:10
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What’s new? The US Treasury Department and Congress are preparing regulations for stablecoin or crypto dollars issuers that could see them begin to be regulated similarly to banks. This is reported by CoinDesk, citing a Morgan Stanley report.
Information on the CoinDesk website
What does the report say? According to Morgan Stanley analysts, the US presidential administration recognizes competition from foreign CBDCs (national cryptocurrencies) in China and the Eurozone and believes it is necessary to act with the maximum urgency “for the US dollar to remain the favored and dominant payment mechanism.”
Morgan Stanley noted that there is still uncertainty as to whether stablecoins are securities, derivatives, or commodities. The bank’s experts note that they are not currently widely used for business and consumer transactions. If the US government is serious about introducing a retail digital dollar, it could potentially change the business models of banks and payment companies, as well as reduce fees.
What had happened before? In February, the House Committee on Financial Services of the US Congress stated that the proposal from the President’s Financial Markets Working Group is inappropriate for regulating the stablecoin market. According to the congressional representatives, stablecoin issuers should not be put on a par with banks.
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