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ARTICLE · 10 NOVEMBER 2021

President's Working Group Releases Report On Stablecoins

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On November 1, the President's Working Group on Financial Markets (PWG), the FDIC, and the OCC announced the release of a report on stablecoins...

United StatesTechnology
Moorari K. Shah
Moorari K. Shah
A.J. Dhaliwal
A.J. Dhaliwal
Gabriel Khoury
Gabriel Khoury
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On November 1, the President's Working Group on Financial Markets (PWG), the FDIC, and the OCC announced the release of a report on stablecoins — virtual currencies that, unlike Bitcoin, are backed by assets like gold or fiat currency. Stablecoins aim to eliminate the hesitation many consumers have about mainstream cryptocurrencies, namely their unpredictable volatility.

While the report recognizes the benefits of stablecoins, it cautions about a range of concerns related to the potential for destabilizing runs, disruptions in the payment system, and concentration of economic power. The report urges Congress to act promptly to enact proper legislation that ensures stablecoins are subject to a clear regulatory framework on a consistent and comprehensive basis. To that end, the report makes several legislative recommendations, including (i) requiring a regulatory framework for stablecoins that is backed by the FDIC; (ii) subjecting stablecoin wallet providers to

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