Federal Stablecoin Construct Takes Shape

Treasury late yesterday released a statement from Secretary Yellen following a meeting of the President’s Working Group on Financial Markets on the status of work on its stablecoin report (see Client Report CRYPTO21).  Treasury emphasized the importance of “serious” legislative engagement in a “prompt” fashion, but the statement is unlikely to be an indirect endorsement of the Lummis-Gillibrand bill (see FSM Report CRYPTO28) given the priorities the Secretary also said require attention (e.g., runs, consumer protection, concentrated market power).

FDIC DIF-Premium Plans Posted

The Federal Register today includes the final versions of the FDIC’s revised DIF restoration plan and proposed premium increase (see FSM Report DEPOSITINSURANCE114).  As noted, DIF premiums would almost double on average, with the largest banks paying as much as five percent of income. Comments are due by August 20.