Stablecoin issuance is a monetary exercise comparable to what regulated banks do and should be supervised accordingly to ensure financial stability and consumer protection, the
The subcommittee will meet this morning to debate two bills on stablecoin regulation, one brought by committee Chairman
ABA noted there are elements in each bill that it supports, such as the fact that neither creates a category of nonbank entities eligible for
'Stablecoin issuers behave in many instances like a bank in that they facilitate payments, connect to investment platforms and store value.... Applying the principle of 'same activity, same risk, same regulation' will help ensure that all customers are protected equally, regardless of where they engage with the financial marketplace and that the financial system remains strong, safe and competitive,' ABA said.
(C) 2023 Electronic News Publishing, source