The stablecoin market is valued at over $130 billion and growing rapidly, putting federal regulators on high alert over systemic risk.
A high-profile blockchain lobby group is urging United States lawmakers to adopt a “technology-neutral” approach when it comes to stablecoin regulation, arguing that dollar-pegged cryptocurrencies do not pose a system risk to the financial system.
In a 17-page letter addressed to the President’s Working Group on Financial Markets, which includes regulators from the Department of Treasury and Federal Reserve, the Chamber of Digital Commerce outlined a six-point plan for future regulatory action involving stablecoins.
According to the group, stablecoin laws should be technology-neutral, regulate in a manner that is proportionate to risk, ensure that the U.S. maintains a competitive advantage in blockchain, recognize stablecoins as digital payment systems as opposed to investments, ensure compliance with existing Anti-Money Laundering guidelines and be underpinned by a flexible, principles-based regime.
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Topic: Powerful blockchain lobby group urges Washington not to overregulate stablecoins (Read 89 times)