U.S. Chamber of Commerce Comments on FSB Stablecoin Report

The U.S. Chamber of Commerce’s (“The Chamber”) Center for Capital Markets Competitiveness (“CCMC”) is pleased to provide comments on the consultative report (“Consultation”) by the Financial Stability Board (“FSB”) on “Regulation, Supervision and Oversight of Crypto-Asset Activities and Markets: Consultative report” and the FSB’s “High-level Recommendations of the Regulation, Supervision and Oversight of ‘Global Stablecoin’ Arrangements: Consultative report.” As the FSB notes, the two sets of recommendations are closely interrelated, “reflecting the interlinkages between stablecoins and the broader crypto-asset ecosystem.”

The Chamber released a report last year, “Digital Assets: A Framework for Regulation to Maintain the United States’ Status as an Innovation Leader,” to provide a roadmap to U.S. policymakers. The report notes that the digitization of assets has the potential to revolutionize how goods and services are offered and how value is transferred for generations to come. The report includes considerations for a digital assets framework with a particular focus on financial services regulatory regimes because of their significant impact on digital assets and related blockchain. A competitive and workable regulatory framework for digital assets is critical to the ability to attract the capital to fund this growing industry and for the promise of the technology to be realized.