Bradley counsel Carol Van Cleef was quoted in a Money Laundering article on stablecoin regulations. Recently, national banking regulators called on lawmakers to restrict the issuance of stablecoins to federally supervised institutions to help mitigate prudential and financial crime-related risks.
Van Cleef said the proposed legislative restrictions would most likely limit the development of new stablecoins, because few, if any, cryptocurrency companies would have authority to issue them under the envisioned framework.
Only allowing insured depository institutions to issue stablecoins would be a “gamechanger,” Van Cleef said. “Typically they are going to be the last player on the block to get involved in something like this.”
The complete article, “White House, Banking Regulators Take Aim at Stablecoins,” was published in Money Laundering on November 2, 2021.