Biden Admin Report: Regulated Stablecoins Could Support More Efficient Payments
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The Biden administration sees extensive use cases for stablecoins. At least for the regulated ones. CNBC reports, citing the President's Working Group on Financial Markets, that stablecoins could support "faster, more efficient, and more inclusive payments options."

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The long-awaited report also says Congress must introduce "regulatory oversight" and formal "market structure" for stablecoins as soon as possible.

"The transition to broader use of stablecoins as a means of payment could occur rapidly due to network effects or relationships between stablecoins and existing user bases or platforms," the report says.

SEC Wins Authority to Crack Down on Stablecoins: Report

Earlier this year, Federal Reserve Chair, Jerome Powell, said the regulator sees no need to ban stablecoins or cryptocurrencies like China did. Testifying in Congress in October, Powell noted that stablecoins are like"bank deposits, but they are to some extent outside the regulatory perimeter, and it is appropriate that they be regulated."

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