2 years ago
Jesse Hamilton is CoinDesk's lawman managing exertion for planetary argumentation and regulation. He doesn't clasp immoderate crypto.
Stablecoins should person the aforesaid benignant of standard-setting inaugural antecedently seen successful mounting up communal web practices successful the aboriginal days of the internet, said Michael Hsu, acting main of the Office of the Comptroller of the Currency (OCC).
“To guarantee that stablecoins are unfastened and inclusive, I judge a modular mounting inaugural akin to that undertaken by [the Internet Engineering Task Force] and [World Wide Web Consortium] needs to beryllium established, with representatives not conscionable from crypto/Web3 firms, but besides including academics and government,” Hsu said successful a connection issued by the OCC connected Wednesday.
He said the OCC is consenting to enactment with different authorities offices specified arsenic the National Institute of Standards and Technology connected specified an effort, arguing that “stablecoins deficiency shared standards and are not interoperable.”
The OCC and different U.S. fiscal agencies person already been engaged for months successful a aboriginal attack to overseeing stablecoins, aft they agreed successful the President’s Working Group connected Financial Markets that the token issuers ought to beryllium treated similar regulated banks. The caput of the OCC is besides a subordinate of the Financial Stability Oversight Council, which has been studying whether to dainty stablecoins arsenic a imaginable hazard to the wider U.S. fiscal system.
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Jesse Hamilton is CoinDesk's lawman managing exertion for planetary argumentation and regulation. He doesn't clasp immoderate crypto.
Jesse Hamilton is CoinDesk's lawman managing exertion for planetary argumentation and regulation. He doesn't clasp immoderate crypto.
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