MoonPay CEO Champions Inclusion Of State-Level Stablecoin Issuers In Federal ...
Under President Donald Trump’s second term in the White House, the past few months have seen significant progress on crypto and specifically stablecoin legislation, with key industry players promising a significant shift from the previous administration’s approach. One key voice joining the support for pro-stablecoin legislation is Ivan Soto-Wright, CEO of MoonPay, who advocates for […]
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The U.S. Office of the Comptroller of the Currency (OCC) on Monday published a letter clarifying that national banks and federal savings associations can now hold reserves for stablecoin issuers in the country. According to the OCC’s interpretive letter, reserve accounts can either be funded through deposits from stablecoin issuers or deposits from individual stablecoin holders. It stressed that banks can hold such reserves provided that ”the issuer has sufficient assets backing the stablecoin in situations where there is a hosted wallet.” The letter responds to questions....
US federal regulators are set to review state regulations of stablecoins to “even out” rules across jurisdictions under the new federal regulatory framework for the sector, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. Related Reading: South Korea Set To Unveil New Stablecoins Framework In October State-Level Stablecoin Rules To Face Federal […]
As crypto regulations continue to take shape in the US, the Federal Deposit Insurance Corporation (FDIC) has issued a notice of proposed rulemaking to extend Bank Secrecy Act (BSA) and economic sanctions compliance standards to FDIC-supervised Permitted Payment Stablecoin Issuers (PPSIs). The move aims to bring digital asset issuers further within the compliance architecture that […]
The group said stablecoin issuers should be held to the same standards as insured depository institutions including state and federally chartered banks. The President’s Working Group on Financial Markets, or PWG, has released a report suggesting that stablecoin issuers in the United States should be subject to “appropriate federal oversight” akin to that of banks.A Nov. 1 U.S. Treasury report from the group with the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation said Congress should “act promptly to ensure that payment stablecoins are subject to....
Patrick McHenry implied that the U.S.' regulation of stablecoins with a “single regulator at the federal level” would likely fail. Whether regulations on stablecoins and digital assets should be addressed at the state or federal level was the topic of discussion among at least two U.S. lawmakers in a hearing for the House Committee on Financial Services.Speaking virtually at a Tuesday hearing titled “Digital Assets and the Future of Finance: The President’s Working Group on Financial Markets’ Report on Stablecoins,” North Carolina Representative and ranking committee member Patrick McHenry....