On July 19, 2021, the President’s Working Group on Financial Markets (PWG) met to discuss stablecoins – including their recent rapid growth, potential uses as a form of payment, and potential risks to end-users, the financial system, and U.S. national security.

At the meeting Treasury Secretary Yellen “underscored the need to act quickly to ensure there is an appropriate U.S. regulatory framework in place.”

Staff from the Treasury Department also presented to the PWG about preparing a report on stablecoins, which would cover, among other things, potential benefits and risks, the current U.S. regulatory framework, and the development of recommendations to address any regulatory gaps.  The PWG expects to issue recommendations in the coming months.

Attendees at the meeting included:

  • Janet L. Yellen, Secretary of the Treasury
  • Jerome Powell, Chair, Board of Governors of the Federal Reserve System
  • Gary Gensler, Chair, Securities and Exchange Commission
  • Rostin Behnam, Acting Chairman, Commodity Futures Trading Commission
  • Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation
  • Michael J. Hsu, Acting Comptroller of the Currency
  • Randal Quarles, Vice Chair for Supervision, Board of Governors of the Federal Reserve System
  • J. Nellie Liang, Under Secretary for Domestic Finance, U.S. Department of the Treasury

A link to the readout of the meeting is here.

For more information regarding digital currencies, contact our team and see a previous post below.

Treasury Secretary Janet Yellen to Hold a Meeting of the President’s Working Group on Financial Markets (PWG) to Discuss Stablecoins | International Trade Law (cmtradelaw.com)

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Photo of Anand Sithian Anand Sithian

Anand Sithian is a counsel in Crowell & Moring’s New York office. He is a member of the International Trade and the White Collar & Regulatory Enforcement groups. Anand advises clients on a variety of regulatory issues and investigations relating to anti-money laundering…

Anand Sithian is a counsel in Crowell & Moring’s New York office. He is a member of the International Trade and the White Collar & Regulatory Enforcement groups. Anand advises clients on a variety of regulatory issues and investigations relating to anti-money laundering (AML), the Bank Secrecy Act (BSA), U.S. economic sanctions, including those administered by the Office of Foreign Assets Control (OFAC), and asset forfeiture matters. Anand routinely counsels clients on the novel application of these laws and regulations to issues involving financial institutions, technology and social media, virtual currency and digital assets (including the seizure and forfeiture of virtual currencies), and the evolving cannabis industry.

Photo of Frances P. Hadfield Frances P. Hadfield

Frances P. Hadfield is a counsel in Crowell & Moring’s International Trade Group in the firm’s New York office. Her practice focuses on forced labor and withhold release orders (WRO), import regulatory compliance, and customs litigation. She regularly advises corporations on matters involving…

Frances P. Hadfield is a counsel in Crowell & Moring’s International Trade Group in the firm’s New York office. Her practice focuses on forced labor and withhold release orders (WRO), import regulatory compliance, and customs litigation. She regularly advises corporations on matters involving customs compliance, audits, customs enforcement, as well as import penalties.

Frances represents clients before the U.S. Court of International Trade and the U.S. Court of Appeals for the Federal Circuit, as well as in proceedings at the administrative level. She advises corporations on both substantive federal and state regulatory issues that involve U.S. Customs and Border Protection, the Federal Trade Commission, Food and Drug Administration, and U.S. Fish & Wildlife in matters pertaining to product admissibility, audits, classification, import restrictions, investigations, marking, licenses, origin, penalties, and tariff preference programs.

Photo of Martín Yerovi Martín Yerovi

Martín Yerovi is an international trade analyst in Crowell & Moring’s Washington, D.C. office. He provides practice support to the International Trade Group on import regulatory matters pending before the Office of the U.S. Trade Representative (USTR) and U.S. Customs and Border Protection…

Martín Yerovi is an international trade analyst in Crowell & Moring’s Washington, D.C. office. He provides practice support to the International Trade Group on import regulatory matters pending before the Office of the U.S. Trade Representative (USTR) and U.S. Customs and Border Protection (CBP). He works closely with attorneys developing courses of action for clients impacted by investigations under Section 301 of the Trade Act of 1974 and Section 232 of the Trade Expansion Act of 1962. He also supports unfair trade investigations, including antidumping (AD) and countervailing duty (CVD) investigations, sunset reviews, and changed circumstance reviews before the Department of Commerce and the International Trade Commission (ITC).