A group of US regulators said legislation is “urgently needed” on dollar-backed stablecoins central to the $2tn cryptocurrencies market, arguing that operators of the digital tokens should essentially be treated as banks.
In a report, the President’s Working Group on Financial Markets, comprising the secretary of the Treasury and the heads of all the key US financial regulators, said stablecoin issuers should become “insured depository institutions”, on a par with banks that offer saving accounts for customers.
The proposal mirrors the Stable Act, a legislative proposal presented to the US Congress last December that would require stablecoin operators to obtain full banking licences.
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