In the very near future, it is projected that Stablecoins will be widely used by everyday consumers, and with this increased popularity and demand come new sets of regulations as well as traps for the unwary. US Congress is facing pressure from the US Treasury to fill these regulatory gaps and to address how these digital assets will affect the current monetary system.
On November 1st, the US Department of Treasury released a report recommending Congress take further action to regulate and address economic and systematic risks surrounding Stablecoins.
Christopher Warren, Managing Partner of Warren Law Group, states, “The treasury has intimated that they are using the Financial Action Task Force to implement Anti-Money Laundering and Combating the Financing of Terrorism standards to mitigate the potential for criminal economic activity and to promote the integrity and stability of financial markets. It’s very likely that the SEC and CFTC—who have broad enforcement, rulemaking, and oversight authority—will be introducing further regulations in addition to cryptocurrency’s existing legal obligations.”
If you are subject to the current federal framework regulating cryptocurrencies, it is imperative that you retain counsel to keep you apprised of regulatory hazards. Contact the attorneys at Warren Law Group at (866)WLGROUP or email firstname.lastname@example.org to mitigate potential business risks.