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The market cap for stablecoins, a type of digital asset pegged to a “stable” reserve asset like the U.S. dollar or gold, exploded in 2021, reaching more than $160 billion by the close of the year. As the volume of capital in the stablecoin market intensified, so did interest from regulators. On November 1, 2021, the President’s Working Group on Financial Markets (PWG) released a report on stablecoins which outlined the risks posed by payment stablecoins and recommended, among other things, Congressional action to ensure that payment stablecoins and payment stablecoin arrangements are subject to a consistent and comprehensive federal framework. Both houses of Congress held hearings on stablecoins in December. A multitude of regulators, policy makers and market participants have voiced opinions on the best form of regulation and the proper regulatory body to oversee stablecoins.
Should the United States develop a new regulatory framework for stablecoins or fold stablecoins into existing frameworks? Should oversight of stablecoins reside with the SEC, the CFTC, a banking regulator like the Fed or OCC, a new regulator, a self-regulatory organization, or have overlapping regulators based on functional uses? A distinguished panel of experts will debate the best approach to stablecoin regulation, including exploring the recommendations proposed in the PWG report as well as other policy and legislative proposals. Panelists will also consider the international implications of stablecoins, and explore whether CBDC is a better alternative than private stablecoins or is a complementary approach modernizing US payment systems.
|Darrell Duffie (Moderator)
Adams Distinguished Professor of Management and Professor of Finance at the Stanford Graduate School of Business
Co-Founder, Chairman and CEO of Circle
Under Secretary for Domestic Finance, U.S. Department of the Treasury
|Jose Fernandez da Ponte
SVP and GM, Blockchain, Crypto and Digital Currencies at PayPal
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