ETA Applauds President’s Working Group Report on Stablecoin
11-1-2021
Payments Industry Offers Guidance for Government Crypto Proposals
WASHINGTON — Nov. 1, 2021 — The Electronic Transactions Association (ETA) today welcomed the President’s Working Group report on Stablecoin. The report calls for Congress to subject stablecoin issuers and wallets to appropriate, consistent, comprehensive and proportionate federal prudential oversight.
“ETA members are leaders in payments and the use of cryptoassets,” said ETA CEO Jodie Kelley. “The key to widespread adoption of cryptoassets, including stablecoins, is a clear regulatory framework. By calling for appropriate and proportionate oversight, the report starts the critical process to achieve certainty and predictability for stablecoins. We applaud this first step in establishing a regulatory framework that will allow the modern payments infrastructure to utilize the benefits of stablecoins in a way that will protect consumers and drive important economic benefits.
ETA has long advocated for appropriate regulation of crypto assets and released 5 Guiding Principles for Crypto earlier this year to guide policymakers’ consideration of any new laws and regulations for cryptoassets. As the trade association representing the breadth of the payments industry, ETA has deep expertise in payments technology, including the use of stablecoins and other blockchain and crypto-related technologies to facilitate payment transactions.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $22.5 trillion annually in purchases worldwide and deploying payments innovation to merchants and consumers. For more information, visit electran.org.
# # #
Media Contact:
Scott Talbott
SVP of Government Affairs
[email protected]
202-677-7403
About ETA
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $6 trillion in purchases in the US and deploying payments innovations to merchants and consumers. Learn more: www.electran.org.
Related Posts
News
ETA Expert Insights: Understanding Stablecoins
Isaac Smith, Underwriter, US Alliance Group ETA Technology Committee, Blockchain / Crypto Working Group The following is a summary of a recent roundtable and presentation by Isaac Smith to the ETA Technology Committee, Blockchain / . . .
7-21-2022
learn more