The US Department of the Treasury has released a report on the risks of stablecoins
According to the document’s authors, stablecoins threaten investors and the integrity of the market
![The US Department of the Treasury has released a report on the risks of stablecoins](https://storage.getblock.net/source/1/MtwsZDXdnuFFz1Fc2QxH5sN7vlbtCtna.png)
02.11.2021 - 10:35
263
1 min
0
What's new? The US Department of the Treasury has published a report on the risks associated with stablecoins. The document is based on the discussions of the US President’s Working Group on Financial Markets (PWG).
Today, Treasury joined colleagues from the President’s Working Group (PWG) on Financial Markets, @FDICgov and @USOCC to issue a report on stablecoins.Read more: https://t.co/7blQTYYJAU— Treasury Department (@USTreasury) November 1, 2021
What risks does PWG see in stablecoins? The report's authors believe that stablecoins threaten investors and the integrity of the market. In their opinion, the reserves that support them are not sufficiently transparent.
What is PWG calling for? The document’s authors ask the US Congress to equate stablecoin issuers to depository organizations with mandatory deposit insurance. Those institutions that do not meet these requirements will not be able to issue coins.
What had happened before? At the end of October, the head of the US Federal Deposit Insurance Corporation (FDIC), Jelena McWilliams, stated that regulators should develop requirements for working with cryptocurrencies for banks. She suggested paying particularly close attention to stablecoins, which can be used for money laundering.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024