The Financial Stability Oversight Committee finalized its 2021 report at today’s meeting.
The annual report recommends that federal and state regulators continue to scrutinize digital assets for potential risks to the financial system.
The Committee reviewed the recently released President’s Working Group report on stablecoins, which elaborated on possible risks the tokens could pose to the financial system. That included concerns of runs on stablecoin reserves and the lack of clarity surrounding issuers’ reserves. The PWG called on Congress to limit stablecoin issuance to insured depository institutions, basically banks.
FSOC recommended that its member agencies, which encompass major financial regulators chaired by Treasury Secretary Janet Yellen, consider the PWG recommendations. If Congress fails to act, FSOC said it’s prepared to take steps to mitigate the risks of stablecoins.
„The Council will also be prepared to consider steps available to it to address risks outlined in
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