Fed’s Waller: Stablecoins lack strong oversight today
United States Federal Reserve Governor Christopher Waller said on Wednesday that the main risks attributed to stablecoins originate from lack of “robust, consistent supervision and regulation.”
Speaking via webcast at 2021 Financial Stability Conference, co-hosted by the Federal Reserve Bank of Cleveland and the Office of Financial Research in Cleveland, Ohio, Waller also noted that risks that stablecoins used in payments could pose should be addressed by the regulatory and supervisory framework that could introduce “safeguards” but without “necessarily… imposing the full banking rulebook.”
He also stated that “stablecoins could be a source of healthy competition for existing payments platforms and help the broader payments system reach a wider range of consumers.”
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