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Chair of Financial Stability Board Prioritizes Stablecoins as Key Agenda Item Ahead of G20 Summit
Summary: In a recent announcement, Andrew Bailey, the new Chair of the Financial Stability Board (FSB) and Governor of the Bank of England, highlighted the assessment of stablecoins in the payment settlement sector as a top priority for the FSB. Bailey, who assumed office in July, emphasized the need for the FSB to continue advancing regulatory ...
In a recent announcement, Andrew Bailey, the new Chair of the Financial Stability Board (FSB) and Governor of the Bank of England, highlighted the assessment of stablecoins in the payment settlement sector as a top priority for the FSB. Bailey, who assumed office in July, emphasized the need for the FSB to continue advancing regulatory proposals for stablecoins before the G20 summit and to enhance cross-border regulatory cooperation. The FSB had previously introduced regulatory rules for stablecoins in 2021 to mitigate their impact on the global economy, and last year announced a comprehensive study on the risks of stablecoin applications in emerging markets. In a recent interview with The Times, Bailey warned that privately issued stablecoins could weaken credit creation and monetary policy control. As the stablecoin market continues to grow rapidly, global regulatory efforts are intensifying, with the US Senate passing the "GENIUS Stablecoin Act."
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