Art Wilmarth is Professor Emeritus at The George Washington University Law School. In this episode, Art discusses his new paper, “It’s Time to Regulate Stablecoins as Deposits and Require Their Issuers to Be FDIC-Insured Banks.” Specifically, Art explains why he believes that stablecoin issuers and distributors should be required to become FDIC-insured banks and the other steps he would like to see financial regulators take in the interim, including having the SEC use its existing authority to regulate stablecoins as “securities” and having the Department of Justice designate stablecoins as “deposits” and bring enforcement actions to prevent issuers and distributors of stablecoins from unlawfully receiving “deposits” in violation of Section 21(a) of the Glass-Steagall Act.
Related Links:
Art’s profile: Arthur E. Wilmarth, Jr. | GW Law | The George Washington University (gwu.edu)
It’s Time to Regulate Stablecoins as Deposits and Require Their Issuers to Be FDIC-Insured Banks: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4000795
President’s Working Group on Financial Markets Report on Stablecoins: https://home.treasury.gov/news/press-releases/jy0454