US Senator Is Concerned About Stablecoin Report

US Senator Pat Toomey, who draws attention as a supporter of cryptocurrencies, is concerned about the stablecoin report.

As will be remembered, in July, the US Treasury Department and the US President's Working Group (PWG) announced that they would publish a report containing written recommendations on the regulation of stablecoins. US Senator Pat Toomey, who draws attention as a supporter of cryptocurrencies, said that he is worried about both the content and the process of this expected stablecoin report. In his letter to Treasury Secretary Janet Yellen, Toomey wrote, "It is important to discuss and evaluate regulatory and legal approaches to protect consumers and financial markets, but the federal government must take the time needed to reach a comprehensive understanding of an emerging financial innovation such as stablecoins." Emphasizing that the current federal laws on finance were written decades before the emergence of crypto money, the senator suggested that such a process should be considered in Congress. According to Toomey, the process that PWG conducts lacks transparency and is not adequately consulted with relevant stakeholders. Toomey said, “Since PWG announced that it will publish a report on stablecoins, management has provided little information regarding the process it took to prepare this report. As far as I understand, there has been little involvement from stakeholders and only a few stablecoin providers have been invited. Each of the participants was given only five minutes for their presentations."