Markets Wired

Today’s statement by the President’s Working Group on stablecoins clarifies expectations for the retail payment application of stablecoins, helping to pave the way for greater innovation and more efficiencies that contribute to economic opportunity.

I appreciate the group’s thoughtful consideration of issues raised by stakeholders. The group reached a productive balance recognizing the valuable and important role stablecoins are playing in our national and global economies and the need to ensure such financial tools do not contribute to crime or national insecurity. For America to remain the financial leader it is today, we must continue to lean forward to innovate and deliver better service and greater economic opportunity while soberly managing practical risks that innovation and new technology may present.

In its wisdom, the group also remained agnostic regarding the technologies related to unhosted wallets, which helps the nation remain competitive by preserving industry’s ability to innovate in responsible ways and adapt to the market and consumer needs and preferences.

I am grateful for the opportunity to work with my colleagues on these important issues so that individuals, businesses, and communities can benefit from the tremendous innovation American entrepreneurs can create when we provide a supportive framework in which they can thrive.