THE DAILY ENCRYPT

October 3, 2022

Fed Vice Chair Pushes Congress for Stablecoin Legislation

According to one Federal Reserve leader, "Congress should act expeditiously" in order to pass stablecoin legislation....
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According to one Federal Reserve leader, “Congress should act expeditiously” in order to pass stablecoin legislation. Michael Barr, Vice Chair for Supervision, addressed the topic of stablecoins during a speech about safety in the financial sector.

“I believe Congress should act quickly to pass necessary legislation to bring stablecoins (particularly those that serve as a method of payment inside the prudential regulatory framework,” stated Michael Barr, the Fed’s vice-chair for supervision a speech at The Brookings Institute.

This think tank is based in Washington. I look forward to continuing partnership with Congress and other regulatory agencies to address the risks associated with stablecoins.

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According to a Federal Reserve leader, Congress must act on stablecoins.

Barr’s role is to oversee financial stability, but he is not alone among regulators when he says that “Stablecoins” could pose financial stability risk, just like unregulated private money.

He said that “crypto-asset related activities, both outside and within supervised banks require oversight so people are fully informed about the risks they face.

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In the last year, stablecoins have been a central point of crypto-focused legislation in Congress. The House Financial Services.

The Committee leadership made a late July push in order to get a bill regarding stablecoins out by August recess. The Senate’s leading Republican, Pat Toomey, , has been circulating potential legislation.

Barr’s fellow Fed Vice Chair Lael Mindard spoke today in New York about how the Fed is issuing a digital currency.

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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