Stablecoins should be treated like investment products, not banks, Jan van Eck, the CEO of the investment firm VanEck, wrote in a Barron’s op-ed on Wednesday. HeleneBraunn reports
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Van Eck’s broadside followed just two weeks after the U.S. Undersecretary for Domestic Finance, Nellie Liang, testified before Congress that stablecoins “are bank-like products…as well as an investment-like product, which is why there was a regulatory gap.” A group of regulators called theIn her testimony, Liang said that technology companies without bank licensing should not offer stablecoins.
“Despite the similarity that stablecoins have with money market funds, the PWG suggested that stablecoin issuers be “insured depository institutions.” Stablecoins invest in securities; they don’t lend like banks do,” van Eck wrote.First, he suggested that the SEC oversee stablecoins for a four-year trial period similar to how it considers investment funds under the Investment Company Act of 1940.
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