The President’s Working Group on Financial Markets (PWG) has issued a Report on Stablecoins—cryptocurrencies that are pegged to the U.S. dollar or other national currencies—that proposes an ambitious regulatory agenda to address the growing risks created by the digital asset class. The report recommends that Congress act to create a comprehensive federal regulatory regime for stablecoins and related activities, but with serious consideration of the issues barely begun, I foresee a lot of work ahead before any of its recommendations may appear in legislation.
Recommendations for Regulating Stablecoins
The report, issued Nov. 1, represents the views of the full ...
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