What the statement says
Representatives of the Fed made a statement that before issuing, storing or conducting transactions with stable coins backed by the dollar, financial organizations must obtain written permission directly from the regulator.
In addition, banks should have experience in controlling risks within the framework of cybersecurity and liquidity. They are also obliged to comply with user requirements and fight against illegal financing.
In addition, the agency will begin regulating the distribution of banking infrastructure to cryptocurrency companies. Oversight groups will be created for this purpose. They, within their authority, will check financial institutions for compliance and compliance with US legislation.
The purpose of such decisions was the bank's initiative to ensure the safety and reliability of the banking industry. Note that in June, the head of the department said that stable coins are money, and therefore they need to be regulated.
