The acting chief of the FDICgov, Martin Gruenberg, says stablecoins could “fundamentally alter the landscape of banking.” jesseahamilton reports
The FDIC has also had some say over the federal government’s initial approach to stablecoins, which Gruenberg said will need to work in tandem with the Federal Reserve’s future FedNow real-time payments system set to launch next year. Stablecoins – tokens tied to steady assets such as the dollar that are used to trade in and out of more volatile cryptocurrencies – also need to complement “the potential future development” of a U.S. central bank digital currency , he said.
Gruenberg, who has been FDIC chairman in the past, is currently holding the seat on an interim basis because President Joe Biden hasn't named a permanent replacement. The White House last monthand is reportedly poised to also pick the next chairman. While he's there, Gruenberg has a role in cross-agency efforts, such as at the Financial Stability Oversight Council, to deal with crypto oversight. But he's been openly suspicious of crypto's usefulness.
To deal with stablecoins, he said Congress likely needs to intervene with new laws because “there are clear limits to our authority, especially in certain areas of consumer protection as well as the provision of wallets and other related services by non-bank entities.”
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iconic Roles: Pierce Brosnan's Best Acting PerformancesAhead of his on-screen return as Kent Nelson, a.ka. Dr. Fate, in Black Adam, here is a list of Pierce Brosnan's best acting performances.
Read more »
Meghan Markle Would 'Genuinely' Support Archie, Lili Going Into ActingWhile Meghan Markle doesn’t see herself returning to acting, she wouldn’t keep her kids from their potential Hollywood dreams.
Read more »
Kim Coles and Jalen Rose discuss acting, comedy and BrooklynOn the latest episode of the “Jalen Rose: Renaissance Man” podcast, Jalen Rose laughs it up with actress Kim Coles as they talk about comedy, acting and growing up in Brooklyn.
Read more »
Kang Ha Neul Praises “Curtain Call” Co-Star Ha Ji Won For Her Acting, Beauty, And PersonalityHa Ji Won’s co-stars in KBS 2TV’s upcoming drama “Curtain Call” can’t say enough good things about her! “Curtain Call” is a new drama about an elderly woman from North Korea who doesn’t have much time left to live and a theatre actor who acts as her grandson in order to fulfill her final wish.
Read more »
Activist investor Starboard takes Salesforce stakeA Salesforce spokesperson told FOX Business that the company is 'committed to acting in the best interests of our shareholders' but did not comment on the report of a stake.
Read more »