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MARKETS DAILY: Featured Story | The Stablecoin Bill Is a Vital Upgrade for U.S. Financial Plumbing
Oct 22, 2023
Heath Tarbert, Former chair of the U.S. Commodity Futures Trading Commission, discusses the Clarity for Payment Stablecoins bill. The bill is crucial for upgrading US financial plumbing, enhancing financial security, and ensuring proper regulation of stablecoins. Tarbert emphasizes the importance of rigorous standards to differentiate trustworthy stablecoins from offshore issuances and the risks of unstable stablecoins. He also discusses the global competition in digital assets, mentioning China and Russia's efforts in developing their own.
06:34
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Quick takeaways
- Stablecoin legislation in the US can benefit families and businesses by making transactions faster, cheaper, and more accessible.
- Congress needs to prioritize stablecoin legislation to establish robust supervision and protect consumers from questionable practices.
Deep dives
The Potential Impact of Stablecoin Legislation
Stablecoin legislation in the US is crucial for upgrading America's financial system and benefiting families and businesses. Payment stablecoins, which are increasingly being used in everyday commerce, remittances, and humanitarian aid, have the potential to make transactions faster, cheaper, and more accessible. By passing stablecoin legislation that prioritizes financial stability and consumer safety, Washington can ensure the positive impact of digital dollars in communities across the US. This includes reducing high fees for sending and spending money, expanding financial security and inclusion, and enabling vulnerable populations, both domestically and internationally, to access financial services.
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