Former CFTC chairman, Timothy Massad, emphasized the advantages of stablecoins and urged regulators not to undermine their utility.
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Timothy Massad, former chairman of the CFTC, emphasized the significance of government attention to the stablecoin ecosystem during an interview with CNBC.
During a CNBC interview on July 24, Massad described stablecoins as a bridge between the crypto world and the real world, advising governments not to perceive them as a passing fad destined to vanish.
Timothy Massad on Stablecoin Regulation:
The former CFTC chairman expressed concerns about regulators not adequately addressing the risks associated with stablecoins, often dismissing them as ineffective. He emphasized the need for patience in understanding their use case and real-world value. Massad has been vocal about advocating for crypto regulation and fostering better collaboration between the CFTC and the U.S. Securities and Exchange Commission (SEC) concerning digital assets.
The U.S. Government Accountability Office (GAO), a national congressional watchdog agency, issued a report on July 24 regarding the use of blockchain in finance. The report echoed the call for interagency cooperation on crypto regulations.
In the CNBC interview, Massad emphasized the potential of stablecoins to establish faster payment mechanisms in the U.S. He noted that if the U.S. were to create its stablecoin, it could influence other countries to follow suit.
However, he cautioned that addressing the significant risks associated with stablecoins would be crucial for their beneficial competition.
Timothy Massad’s Remarks on Stablecoins and CBDC:
Massad highlighted that stablecoins are spurring banks to reassess their current operating systems and explore ways to enhance them, especially in the context of faster payment systems. He has previously criticized the U.S. for its slow progress in creating a central bank digital currency (CBDC).
These remarks coincide with ongoing regulatory deliberations in the U.S. regarding the crypto industry, with several bills under consideration that would impact stablecoin issuance and usage.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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