Senior U.S. banking regulator sounds stablecoin concerns

10/11 15:11

A senior U.S. banking regulator raised concerns that stablecoins could be seen as a term of “disguise” and that the technology looks much like banking, but without the same rules as the traditional banking sector. “They want to borrow ideas out of bank deposits and this idea that you’ve got something that functions just like money, but on the internet,” said Acting Comptroller of the Currency Michael Hsu at Georgetown Law’s D.C. Fintech Week, a conference in Washington, DC featuring regulators and industry executives. “If we’re not careful, that’s not right. If you could not use the the term ‘stablecoin’ to describe it, how would you describe it?” “This concept is useful as shorthand,” Hsu continued, but when it comes to setting consumer expectations of how it’s going to function, he added that, “now we’re moving into the world of disguise, and that’s where I get worried.”

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