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Treasury Is Pushing to Impose Bank-Like Rules on Stablecoins (1)

Oct. 1, 2021, 7:45 PM

A U.S. effort to regulate stablecoins favors policing them like lenders, which could jeopardize the future of tokens from firms that refuse to seek federal banking licenses.

Led by the Treasury Department, the President’s Working Group on Financial Markets is aiming to issue a report on stablecoins by the end of the month. An expected recommendation is that Congress establish a limited charter allowing new crypto banks to manage stablecoins as deposits, according to a senior official involved with the report who asked not to be identified because it hasn’t been finalized.

The group of regulators has also been ...