stablecoin regulation

Hong Kong Regulators Say Proposed Stablecoin Regulation Has Received Positive Stakeholder Feedback

July 19, 2024

Hong Kong regulators announced the conclusion of a stablecoin regulation consultation phase that saw stakeholders provide 108 submissions. The regulators claimed that the proposed regulatory requirements received positive feedback from stakeholders. Stakeholders Support Introduction of Stablecoin Regulatory Regime On July 17, Hong Kong regulators—the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong…
Read more

Data Indicates Stablecoins Are Becoming A Global Asset Class

April 27, 2024

Stablecoin adoption is increasing rapidly. Data from research firm rwa.xyz shows the number of addresses holding both dollar and crypto-pegged stablecoins has increased by 15% in 2024, which is the highest to date. New research from blockchain analysis firm Chainalysis further found the growing prominence of stablecoins in overall on-chain transaction activity. Chainalysis’ “Crypto Spring…
Read more

Stablecoins Surpass Mastercard and PayPal in Transaction Volume While U.S. Fails to Maintain Leadership

October 24, 2023

In 2022 stablecoins have eclipsed both Mastercard and PayPal in transaction volume, reaching an impressive sum of nearly $6.87 trillion last year. Despite their critical role in the crypto economy, however, the United States is falling behind in stablecoin policy and global competitiveness. … Read More: Stablecoins Surpass Mastercard and PayPal in Transaction Volume While U.S.…
Read more

Lawmakers Object to Federal Reserve’s Stablecoin Guidelines — Say They Undermine Legislative Progress

August 29, 2023

Several U.S. lawmakers have objected to the Federal Reserve’s stablecoin regulatory guidelines, which they believe “will undoubtedly deter financial institutions from participating in the digital asset ecosystem.” According to the lawmakers, “The Fed has chosen to effectively prevent banks from issuing payments stablecoins — or engaging in the payment stablecoin ecosystem.” Fed’s Efforts ‘Subvert Progress…
Read more

House Financial Services Committee Advances Clarity for Payment Stablecoins Act

August 9, 2023

On July 27, 2023, The U.S. House Financial Services Committee advanced a stablecoin-focused bill for the first time. The Clarity for Payment Stablecoins Act of 2023 would establish a federal regulatory framework for stablecoins with the U.S. Federal Reserve playing a pivotal role. The bill would grant the Federal Reserve the power to write requirements…
Read more

US defense bill may be ‘problematic’ for USDC and stablecoins: Analysts

August 1, 2023

A proposed U.S. national defense bill could subject stablecoins issuers to KYC and AML requirements they would be unable to comply with, said Berenberg analyst Mark Palmer. Circle’s USD Coin (USDC) and other stablecoins could potentially face a compliance nightmare if a new national defense bill that passed in the United States Senate makes it…
Read more

UK Affirms Commitment to Regulate Stablecoins Following Terra Meltdown

May 16, 2022

The British Treasury Department has affirmed its commitment to regulate stablecoins after the collapse of terrausd (UST) and terra (LUNA). “This will create the conditions for issuers and service providers to operate and grow in the U.K., whilst ensuring financial stability and high regulatory standards,” said an HM Treasury spokesperson. Regulation of Stablecoins in the…
Read more

SEC Commissioner Expects Tighter Stablecoin Regulation — Yellen Says Stablecoins Not Real Threat to Financial Stability

May 15, 2022

A commissioner with the U.S. Securities and Exchange Commission (SEC) expects to see stricter regulation on stablecoins. However, Treasury Secretary Janet Yellen says stablecoins are currently “not a real threat” to the country’s financial stability. SEC Commissioner on Stablecoin Regulation The regulation of stablecoins has been a hot topic this week following the Terra fiasco…
Read more

US Lawmakers Push for Urgent Stablecoin Regulation — Fed Warns of Stablecoin Runs, Janet Yellen Cites UST Fiasco

May 11, 2022

As U.S. lawmakers push for the urgent regulation of stablecoins, the Financial Stability Oversight Council (FSOC) and the Federal Reserve Board warn about the risks of stablecoin runs that threaten the country’s financial stability. Treasury Secretary Janet Yellen brought up the terrausd (UST) fiasco as an example of why a comprehensive regulatory framework is urgently…
Read more

Bipartisan bill to give CFTC authority over exchanges and stablecoins

April 29, 2022

The Digital Commodity Exchange Act would give the commodities regulator the authority to determine rules for cryptocurrency developers and exchanges offering spot trading. A bipartisan group of lawmakers in D.C. introduced an updated bill on April 28 to regulate cryptocurrency developers, dealers, exchanges, and stablecoin providers, bringing them under the regulatory control of the United…
Read more

Category: stablecoin regulation