Bradley counsel Carol Van Cleef was quoted in American Banker on stablecoin regulations. While the Biden administration has called for tough governance for stablecoins, agencies responsible for oversight and clashes over interim regulations could delay the new rules for months, if not longer.
Van Cleef said, “There are a lot of cooks in the kitchen here. For many years, anytime the issue of federal oversight came up for stablecoins, there was a reluctance in D.C.”
The capitalization of the stablecoin market was about $130 billion in October, according to the U.S. Treasury, adding that’s up from less than $30 billion over the previous 12 months.
According to Van Cleef, this is only a fraction of the total payments market. She said stablecoins are growing quickly enough to attract regulatory attention.
The complete article, “The not-so-stable state of stablecoin regulation,” was published in American Banker on December 1, 2021.