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ARTICLE · 19 NOVEMBER 2021

President's Working Group Issues Interagency Report On Stablecoins Highlighting Risks And Regulatory Gaps

Willkie Farr & Gallagher
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On November 1, 2021, the President's Working Group on Financial Markets, joined by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency...

United StatesTechnology
Justin L. Browder
Justin L. Browder
J. Christopher Giancarlo
J. Christopher Giancarlo
Neal E. Kumar
Neal E. Kumar
Britt Mosman
Britt Mosman
Conrad G. Bahlke
Conrad G. Bahlke
David Katz
David Katz
Artyom Rogov
Artyom Rogov

On November 1, 2021, the President's Working Group on Financial Markets, joined by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, issued a Report on Stablecoins (the "Report").1  The Report provides an overview of the current regulatory landscape for stablecoins, discusses the risks posed by stablecoins and current regulatory gaps and recommends that Congress act promptly to ensure that so-called "payment stablecoins" are subject to comprehensive federal prudential oversight.  The Report advocates for legislation that limits stablecoin issuance and related activities of redemption and maintenance of reserve assets to entities that are insured depository institutions subject to prudential supervision. 

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