Sources: Biden administration is considering ways to impose bank-like regulation on stablecoin issuers, including prodding them to register as banks
but FSOC not preferred outcome https://www.wsj.com/... @kirindave : The degree to which this would simply annihilate so many stable coins is perhaps not well understood. “Getting a bank charter” is a really big deal. And once you get it, you have to work with regulators, who you must constantly convince of your compliance. https://twitter.com/... Brian Brooks / @brianbrooksus : So crypto bank charters are safe? https://twitter.com/... Arturo Portilla / @arturo_p_a : I've been saying this for years. It doesn't make any sense to use a blockchain to issue a stablecoin that must abide by BSA, KYC, AML, sanction screening, etc. There are many companies out there who are trying to sell “regulated” stablecoins. That's just propaganda. https://twitter.com/... @frances_coppola : As I have been predicting, the stablecoin world is splitting into regulated onshore stablecoins that can act as fiat payments media but have limited use within the crypto ecosystem, and unregulated offshore stablecoins that can only operate within the crypto ecosystem. https://twitter.com/... Tim Draper / @timdraper : While Biden panders to the bank lobby. https://www.google.com/... Andrew Ackerman / @amacker : New: The Biden administration wants crypto companies that issue stablecoins to become banks. (It's unclear how it will enforce some of its recommendations, a potential weakness of a coming report from a group of senior regulators) w/@AAndriotis https://www.wsj.com/... Victoria Guida / @vtg2 : Good scoop here. Notably, some stablecoin issuers (Circle, Paxos, not-yet-operating Avanti) are already seeking bank charters. https://twitter.com/... Leigh Drogen / @ldrogen : Bullish, this basically takes the bad scenario off the table And the Feds still can't really touch algo stables https://twitter.com/...