U.S. financial regulators held a meeting with major stablecoin projects in an effort to better understand the industry.
The technology advisory committee of the CFTC Commodity Futures Trading Commission held one meeting went public on February 26 to learn about stablecoins, cryptocurrency insurance, custody practices and cybersecurity.
Three projects JPM Coin, MarkerDao and Paxo attended to discuss the various aspects of stablecoins during the meeting.
The committee discussed various topics on stablecoins. First presented by Charles Cascarilla, CEO of Paxos, who talked about the use cases of two existing Paxos stablecoin projects.
Paxos Co-Founder and CEO Charles Cascarilla spoke at the @CFTC Open Meeting today on #stablecoins, their regulation and different types of use cases. Learn more about Paxos here https://t.co/ZWpJ2LUNkw
– Paxos (@PaxosGlobal) February 26, 2020
Referring to this topic, CFTC Commissioner Brian Quintenz said in the opening statement that JPM Coin is designed to be a digital representative of US dollars held in designated accounts at JP Morgan Chase that can be used to transfer instant payments. blockchain on institutional clients.
Steven Becker, President of MakerDAO Foundation provided the final case study on stablecoins. He gave an overview of what financial decentralization or DeFi.
Stablecoins have the potential to act as a means of liquidity
CFTC Commissioner Brian Quintenz has a positive outlook on stablecoins as a medium of trading in the near future.
"While providing such correlated value, stablecoins have the potential, through tokenization, to act as means of transactional intermediation, feasible and act as the creator of strong smart contracts. strong. “
The future of stablecoins
Tomasso Mancini-Griffoli, Deputy Head of the IMF's Capital and Monetary Market Division, emphasized that some public policies should be considered with stablecoins. These policies include financial stability, monetary policy control, privacy, competition, efficiency, consumer protection, and financial integrity.
The US government has sought to switch to a digital dollar. As Bitcoin Magazine Having previously reported, Christopher Giancarlo, former CFTC president, believes that it is time for the Federal Reserve to issue a fully digital currency.
Bitcoin Magazine | Cointelegraph
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