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ARTICLE · 19 NOVEMBER 2021

PWG Report On Stablecoins—Implications For The Regulatory Environment

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On November 1, 2021, the President's Working Group on Financial Markets —along with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency —published the Report on Stablecoins, ...

United StatesTechnology
Franca Harris Gutierrez
Franca Harris Gutierrez
Tiffany Smith
Tiffany Smith
Michael Dawson
Michael Dawson
David M. Cook
David M. Cook
Zachary Goldman
Zachary Goldman
Urvashi Malhotra
Urvashi Malhotra
Jonathan Blum
Jonathan Blum
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On November 1, 2021, the President's Working Group on Financial Markets (PWG)1—along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC)—published the Report on Stablecoins (Report),2 providing a wish list for future legislation regulating stablecoins used as a means of payment and recommending interim measures until legislation can be adopted. The Report could have an immediate impact on the way both federal and state regulators assess risk management issues, anti-money laundering (AML) and sanctions controls, reserve management, and the financial soundness and stability of stablecoin issuers even without legislative intervention.3 

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