Stablecoin

FOMC

Reserve

Coin

Federal Reserve Governor and former FOMC member Christopher Waller compared decentralized finance (DeFi) with centralized finance (CeFi), asserting that the former cannot completely replace the latter. At the <a href="https://www.federalreserve.gov/newsevents/speech/waller20241018a.htm" target="_blank" rel="noopener noreferrer nofollow">Vienna Macroeconomics Workshop</a> on October 18, Waller also highlighted the potential threats and regulatory challenges of stablecoins, suggesting that appropriate regulations could address these issues.
US Treasury Secretary Janet Yellen and <a href="https://coinedition.com/deaton-takes-on-warrens-anti-crypto-policies-in-senate-campaign/" rel="noopener noreferrer nofollow">Senator Elizabeth Warren</a> have long pressed for stablecoin regulation. In February 2024, Yellen <a href="https://www.reuters.com/markets/currencies/yellen-says-congress-should-provide-authority-regulate-stablecoins-2024-02-06/#:~:text=Yellen%20said%20during%20a%20U.S.,as%20areas%20needing%20formal%20regulatory" target="_blank" rel="noopener noreferrer nofollow">urged</a> Congress to provide federal authority to regulate stablecoins and their issuers. The Treasury Secretary believed that the new stablecoin legislation could bring financial stability and tighten consumer protection.
In a letter to Yellen, Warren <a href="https://www.warren.senate.gov/oversight/letters/warren-to-secretary-yellen-any-new-crypto-legislation-must-include-all-anti-money-laundering-protections-requested-by-treasury-department" target="_blank" rel="noopener noreferrer nofollow">pointed out</a> the significance of including anti-money laundering (AML) policies in stablecoin legislation. Drawing attention to the increasing threats of cryptocurrencies, especially in light of terrorist groups’ reliance on digital assets, Warren highlighted the emergency of implementing new stablecoin regulations.
Crypto enthusiast Walter Bloomberg shared an X post today highlighti…
The post <a href="https://coinedition.com/stablecoin-regulation-heats-up-lawmakers-push-for-guardrails/" rel="noopener noreferrer nofollow">Stablecoin Regulation Heats Up: Lawmakers Push for Guardrails</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Stablecoin Regulation Heats Up: Lawmakers Push for Guardrails

Coin Edition

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