We'll have plenty of time to pick apart the new stablecoin report.
For now, the highlight in my mind is the recommendation that "Congress act promptly to enact legislation...."
Prompt action from this Congress on *anything* is unlikely, let alone on something like stablecoins.
For now, the highlight in my mind is the recommendation that "Congress act promptly to enact legislation...."
Prompt action from this Congress on *anything* is unlikely, let alone on something like stablecoins.
In the meantime, the report seems to acknowledge that federal agencies lack the authority necessary to implement its many & varied recommendations.
The report tells FSOC to "consider steps available to it" -- "in the absence of Congressional action, which is urgently needed...."
The report tells FSOC to "consider steps available to it" -- "in the absence of Congressional action, which is urgently needed...."
Long story short, it sounds like nothing big will (or can) happen any time soon.
That's a good thing in my view, since the report clearly gets a lot of stuff wrong. It will (& should) take time to sort through what makes sense & what doesn't.
We'll get there. For now, carry on.
That's a good thing in my view, since the report clearly gets a lot of stuff wrong. It will (& should) take time to sort through what makes sense & what doesn't.
We'll get there. For now, carry on.
The report in full, if you're masochistic enough to read it:
home.treasury.gov/system/files/1…
home.treasury.gov/system/files/1…
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