Biden administration considers regulating stablecoin issuers like banks
According to a recent article in the Wall Street Journal article, the Biden administration is considering imposing regulations similar to banks on stablecoin issuers such as Circle and Tether.
The administration's recommendations are expected to be released in Late October
These considerations are in response to concerns of regulators that stablecoins issued digitally by companies such as Tether Ltd. and Circle Internet Financial Inc. digital could cause financial panics and need to be more strictly regulated.According to WSJ sources, a Treasury-led group also plans to recommend to a separate panel of high-level regulators identifying risks to the financial system and look into the question whether stablecoin activities should be considered systemically important. This could lead to the Federal Reserve imposing stricter risk management standards on companies if they are not regulated at the federal level.
The administration's recommendations are expected to be included in the upcoming report by a Treasury-led group, the President's Working Group on Financial Markets, which is expected to be released in late October. But this report is not yet finalized, and its recommendations are still being negotiated.
Stablecoins could compete with banks
Currently, many stablecoins are regulated at the state level, though some companies, such as Circle, have said they are trying to become banks. And at least some members of Congress, like Senator Cynthia Lummis (R., Wyo.), have recently signaled that stablecoins may need to be subject to regulations similar to banks.If stablecoins are more widely adopted as a fast payment method for consumers and businesses, they could compete with banks and card networks such as Visa Inc. and Mastercard Inc, the administration said.
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