The road ahead for cryptocurrency regulation is a long and winding one. But some common themes are emerging from the din of voices calling for frameworks and guardrails, for the industry at large, and for holdings like bitcoin and stablecoins.
There’s the President’s Working Group on Financial Markets, which brings together a wide-ranging roster of regulators, including the collective heads of the Treasury Department, the Board of Governors of the Federal Reserve System, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
And at the beginning of the month, the Working Group weighed in on the need to regulate at least one subset of crypto: in this case, stablecoins.
As PYMNTS reported recently, the regulators noted in their report that “if well-designed and appropriately regulated, stablecoins could support faster, more efficient and more inclusive payment options. Moreover, the transition to broader use of stablecoins as a means of payment could occur rapidly due to network effects or relationships between stablecoins and existing user bases or platforms.”