Thread by @BlockchainAssn

1/ Have you had enough pre-holiday regulatory crypto news?

Treasury’s self-hosted wallet rule; SEC’s action against Ripple; & today’s action from the SEC on custody...and now we have a statement on stablecoin policy from a joint group of Trump admin officials...

2/ The President’s Working Group on Financial Markets (PWG) has issued a “Statement on Key Regulatory and Supervisory Issues Relevant to Certain Stablecoins.”

Here’s the full text: home.treasury.gov/system/files/1…

3/ So what’s this working group anyway? The PWG was created in '88 by Pres. Reagan to help regulators better address issues + crises w/i the financial sector (think fallout from Black Monday).

The group includes the Treasury Secretary, SEC Chair, CFTC Chair & Chair of the Fed.

4/ PWG statements are not binding but serve as recommendations for how policy should be developed. In conjunction with everything else that has happened this week, this statement is less notable, but does serve as a reference point for policymakers going forward.

5/ The statement explains “key regulatory and supervisory considerations” for stablecoin projects based or operating in the United States.

6/ On the positive side, this interagency statement shows that the US government is thinking deeply about stablecoins and sees them playing a critical role in our payments systems going forward. This supports the adoption of #USDC & those in the ecosystem who use it.

7/ But this statement does tie into FinCEN’s proposed rule on self-hosted wallets “In addition, stablecoin arrangements should have the capability to obtain and verify the identity of all transacting parties, including for those using unhosted wallets.”

end/ The statement welcomes dialogue with industry, and we plan to seek clarification on several of the recommendations set forth.