The Biden administration's financial regulators are not backing down from the 'insured depository institution' requirement for stablecoin issuance.
The leader of the Office of the Comptroller of the Currency, a US banking regulator, is continuing the Biden administration's push for bank-style regulation for stablecoin issuers.
, saying"in my experience, the wider the variability, the more likely a risky issuer blows itself up, sparking contagion across peers." "A banking approach would be more effective. Some have expressed concerns, however, about undue burden and inefficiency. If a stablecoin entity were tightly limited to just issuing stablecoins and holding reserves to meet redemptions, I would agree that the full application of all bank regulatory and supervisory requirements would be overly burdensome.
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