The US Treasury has published a report on the risks associated with stablecoins. The agency has seen in stablecoins a threat to investors and market integrity, and has requested tough legislative restrictions.
According to the department, we are talking about “banking panic” and the excessive opacity of reserves that provide stablecoins.
The report has been made by the US President’s Financial Markets Working Group (PWG). Its participants have called on Congress to equate stablecoin issuers with depository institutions with compulsory deposit insurance, which will put them on a par with banks. Organizations that do not meet these stringent requirements would then be banned from issuing stablecoins.
According to the PWG, oversight should be carried out both at the level of such an institution and at the level of the holding company to which it belongs.
The report highlights the need for restrictions on the affiliation of issuers with other commercial organizations (this is probably most related to the Bitfinex and Tether tandem).