Timothy Massad, the former Chair of the Commodities and Futures Commission (CFTC), published a paper on stablecoins arguing for urgent regulation for national security purposes. Ultimately, that will mean more compliance and anti money laundering procedures, potentially at the wallet and blockchain validator level, as Senator Warren proposes.
Whether or not one agrees with Mr Massad’s position, his parallels between stablecoins and the rise of eurodollars (offshore dollar banking) are thought provoking.
The paper forms part of research for the Brookings Institute, the Washington non partisan think tank.
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