due for consideration in the U.S. House of Representatives later this week has drawn concern from major trade associations representing the vast majority of U.S. financial institutions.
Likewise, the ABA, CBA, and CUNA raised concerns over increased “arbitrage” and “systemic risk” about the state regulatory approval approach within the bill, and called for stablecoin issuers to be subject to the same federal oversight that banks and credit unions receive. The groups also called on the stablecoin bill to include language mandating examinations by regulators and third-party audits of reserves that go beyond current asset reporting requirements within the bill, to ensure that stablecoin issuers have the assets they claim they do to fully back the fiat-denominated tokens they issue.
Source: Law Daily Report (lawdailyreport.net)
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