While making a speech at the Money20/20 Fintech Conference on Monday, McWilliams stated that the FDIC, in tandem with the Federal Reserve and the Office of the Comptroller of the Currency, are seeking ways to provide regulatory clarity for banks handling crypto assets, including stablecoins. She added that the FDIC would release “a series of policy statements” on guidance for banks in the forthcoming months.
According to McWilliams, stablecoins present many potential benefits to consumers, such as faster, cheaper, and more efficient payments. However, she opined that if “one or more were to become a dominant form of payment in the United States or globally,” it could bear significant effects on that country’s financial stability with funds no longer accumulated in insured banks.
Meanwhile, the Department of the Treasury revealed that it was considering the creation of a type of banking charter for issuers of stablecoins.
So far, it appears that many US firms are being cautious of legal actions or other forms of governmental backlash due to the apparent lack of regulatory clarity around digital assets in the country. On the flip side, some lawmakers have suggested policies that compel regulators in the US to liaise with participants in the crypto space to make better decisions concerning the space.
Source: Cryptocurrency - investing.com
