1/8 The STABLE Act would represent a huge step backwards for digital currency innovation in the United States, limiting the accelerating progress of both the blockchain and fintech industry.
2/8 Our industry is delivering solutions that materially improve the speed, accessibility and cost efficiency of payments and banking in the US, and around the world.
3/8 Any act of Congress in this sphere should be focused on embracing, investing in and supporting the incredible pace of open innovation that is happening with stablecoins and blockchain infrastructure.
4/8 An enormous amount of the innovation brought to the underbanked and small businesses has been driven by non-bank fintech companies (Stripe, Square, PayPal, Circle, Coinbase, Apple, Google and many many others)
5/8 Forcing crypto, fintech and blockchain companies into the enormous regulatory burdens of Federal Reserve and FDIC regulation and supervision is inconsistent with the goals of supporting innovation in the fair and inclusive delivery of payments that comes from stablecoins.
6/8 While there is clearly a critical long-term role for the Fed to play in the development of the standards and supervision around stablecoins, that should emerge from high levels of public-private engagement and collaboration.
7/8 This collaboration should be focused around the technical and governance standards for stablecoins, which may ultimately require new forms of charters and supervision that haven't yet even been considered.
8/8 We look forward to constructive engagement with Federal agencies as leading private sector actors continue to innovate in this rapidly emerging field.
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