Odaily Planet Daily News: Federal Reserve Governor Waller stated that stablecoins have the potential to "maintain and expand" the international status of the US dollar, although their rise and fall will depend on reliable commercial use cases and a coordinated set of rules.
Waller stated in his prepared speech at the San Francisco conference, "The stablecoin market will benefit from the US regulatory and supervisory framework, which directly, comprehensively, and rigorously addresses stablecoin risks. Non banks and banks should be allowed to issue regulated stablecoins, and the impact of regulation on payment patterns should be considered
The emergence of different global stablecoin regulatory systems may lead to domestic and international regulatory conflicts, and this regulatory decentralization may make it difficult for US dollar stablecoin issuers to conduct business globally
Waller pointed out that state regulatory agencies have always been "key participants" in the development of the stablecoin market, and some states are enacting laws or finalizing new regulations. "State regulations may conflict, which could prevent all states from using the same stablecoin and reduce its scalability
Waller also pointed out that there is a risk of a run on stablecoins.
Recently, senators from both parties proposed a bill to provide a regulatory framework for stablecoins, including a requirement to maintain one-to-one reserves and comply with anti money laundering laws. The House Financial Services Committee has released a draft bill for discussion. (Bloomberg)
