Gary Gensler – chairman of the Securities and Exchange Commission (SEC) – recently revealed the US government’s completed stablecoin report. It outlines risks associated with such tokens and provides “prudential” recommendations to congress on how to address them.
Stablecoins: Benefits and Risks
The POTUS’ Working Group on Financial Markets (PWS) produced the report in collaboration with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC). It begins by describing some of the potential benefits stablecoins provide, including the use of “faster, more efficient, more inclusive payment options.”
However, it follows by detailing a number of risks stablecoins may pose to financial markets. These include their use for trading in more speculative cryptocurrencies or loss of confidence in their sufficient value backing. Tether commonly receives such criticisms.
There is also concern about their use in illicit financial opera
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