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ARTICLE · 16 NOVEMBER 2021

President's Working Group Urges Congress To Take Action On Stablecoins

Cooley LLP
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On November 1, 2021, the President's Working Group on Financial Markets, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (together, the "Agencies") ...

United StatesTechnology
Alfred Browne
Alfred Browne
Derek Colla
Derek Colla
Nareg Essaghoolian
Nareg Essaghoolian
Nancy Wojtas
Nancy Wojtas
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On November 1, 2021, the President's Working Group on Financial Markets, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (together, the "Agencies") released a report on stablecoins. The President's Working Group consists of the Secretary of the Treasury and each chairperson of the Board of Governors of the Federal Reserve System, the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC). Stablecoins are digital assets that are designed to maintain a stable value relative to a fiat currency and have the potential to be used as a widespread means of payment. According to the report, the market capitalization of stablecoins issued by the largest stablecoin issuers exceeded $127 billion in October 2021.

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