The working group emphasized the importance of preventing money laundering and terrorist financing, including on-chain KYC (customer identification system) verification, including non-trusted wallets. This came after the US Financial Crimes Enforcement Network announced regulations mandating the application of enhanced KYC for transactions between financial services and non-trusted wallets.
According to the statement, stablecoin issuers must adhere to regulations and enable one-to-one redemption. The Block, a media specialized in cryptocurrency, analyzed, “Because cryptocurrency-based stablecoins such as Dai are not linked with legal currency, it is unclear how it will be affected by the announcement of the working group.”
The Block said that a statement released by the Working Group “suggests that stablecoins may pose a threat to international currency stability,” and recommended that “stablecoins should not undermine trust in domestic fiat currencies.” Reported that.
US Deputy Treasury Secretary Justin Musinich said, “This statement reflects our commitment to advance the key strengths of innovation and to achieve important goals related to national security and financial stability. The regulators will closely look at the regulations related to stablecoins and will continue to talk about these issues in the future.”
The U.S. Securities and Exchange Commission said, “Today’s action is a step forward in efforts to comply with and strengthen major regulations, such as anti-money laundering and investor protection, for financial services using digital technology, and to promote innovation and competition in payment companies. It was a trace”.
Compound General Counsel Jake Chevinsky commented, “The statement by the Financial Markets Working Group under the President’s office is not an active attempt to change US law, and it is only an initial evaluation by negative policy makers for cryptocurrencies with a few days left in office.” .