On June 30, 2020, the full Senate Committee on Banking, Housing, and Urban Affairs held a virtual hearing entitled “The Digitization of Money and Payments.” The hearing focused on stablecoins and the prospects for a US central bank digital currency.
Continue Reading Senate Banking Committee Considers Digitization of Money
stablecoins
FSB Issues Global Stablecoin White Paper
By Scott H. Kimpel on
Posted in Cryptocurrencies, Regulatory
On April 14, 2020, the Financial Stability Board issued a consultative paper entitled “Addressing the Regulatory, Supervisory and Oversight Challenges Raised by ‘Global Stablecoin’ Arrangements.”…
Continue Reading FSB Issues Global Stablecoin White Paper
Federal Reserve Discusses Global Stablecoins and Financial Stability
By Scott H. Kimpel on
Posted in Cryptocurrencies, Regulatory
The Federal Reserve Board’s most recent semi-annual Financial Stability Report, issued November 15, 2019, includes a lengthy discussion of potential systemic risks posed by stablecoins. In the report, the Fed observed that innovations fostering faster, cheaper and more inclusive payments could complement existing payment systems and improve consumer welfare if appropriately designed and regulated. But the Fed also warned that the emergence of global stablecoin payment networks introduces important challenges and risks related to financial stability, monetary policy, money laundering and terrorist financing, and consumer and investor protection.…
Continue Reading Federal Reserve Discusses Global Stablecoins and Financial Stability
Fed Governor Discusses Digital Currencies
By Scott H. Kimpel on
Posted in Cryptocurrencies, General
A recent speech by Fed Governor Lael Brainard entitled “Digital Currencies, Stablecoins, and the Evolving Payments Landscape” discusses a number of topics of interest to the crypto community, including the development of stablecoins and their potential impact on the global payments system. In particular, Governor Brainard opined that the widespread adoption of stablecoins could have implications for the role of central banks and monetary policy.…
Continue Reading Fed Governor Discusses Digital Currencies