All Consuming - Financial Litigation Insights, Volume 2, Issue 15

Yellen Tells Regulators to ‘Act Quickly’ on Stablecoin Rules -

"New rules would cut into profit margins earned by issuers, but in the long-run should help them attract more users."

Why this is important: The recent rise in popularity, or market value, of stablecoins is causing Treasury Secretary Janet Yellen and other regulators to push for rules surrounding the asset. A stablecoin is a type of digital currency with its value “fixed to a national currency or commodity and backed by reserves of that underlying asset.” However, with most, if not all, stablecoins, there is little information about what is actually backing the digital asset. With this and other concerns in mind, the President’s Working Group on Financial Markets “expects to issue recommendations in the coming months.” While it is unclear how they expect to regulate stablecoins, it is clear that regulations are needed if stablecoins, and other cryptocurrencies, will continue to become recognized payment options.

Please see full Newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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