Washington, D.C. – Today, the President’s Working Group on Financial Markets, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency issued a joint report on the regulatory considerations related to stablecoins. Greg Baer, BPI President and CEO, issued the following statement in response to the report:
Today’s PWG report comes not a moment too soon, as new products have raised novel serious consumer protection and financial stability concerns. The report sets forth a cogent analysis of the risks and what looks to be a wise response to them. At the very least, it demonstrates how regulators can share expertise, consult broadly and act promptly when confronted by new risks to our financial system.