The head of the Federal Deposit Insurance Corporation is the latest Biden administration regulator to warn of the potentially destructive impact of cryptocurrencies on the U.S. economy.
Acting FDIC Chairman Martin Gruenberg said Thursday he was particularly concerned about the impact of so-called “payment stablecoins” on the business models of traditional banks.
“The development of a payment stablecoin could fundamentally alter the landscape of banking,” Gruenberg said during a speech at the Brookings Institution. “Economies of scale associated with payment stablecoins could lead to further consolidation in the banking system or disintermediation of traditional banks.”
Gruenberg said there were three features that could make stablecoins “significantly safer” including requiring stablecoins to be issued by a subsidiary of a federally regulated bank, requirements that they be backed by high-quality liquid assets like U.S. government debt TMUBMUSD10Y, 4.228% and a requirement that stablecoins be issued by a centralized entity so that compliance with anti-money laundering laws can be assured.
Gordon Liao, who serves as chief economist at USD Coin issuer Circle, argued in a panel discussion following Gruenberg’s speech that requiring stablecoins to be issued by banks would be a mistake, noting that large banks were at the center of the 2008 financial crisis, in part because of an implicit understanding that the government would bail out these institutions if they took on too much risk.
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