threatens to fundamentally change the stablecoin environment.
“I feel like this is a state-level thing dealing with a federal-level problem,” Rohan Grey, a legal scholar who helped draft the STABLE Act, told CoinDesk. “The fact that this is a state-level bill still creates some limitations. They do not have the capacity to, for example, require FDIC insurance.”
“We are trying to actually make sure that that bank perimeter is strongly enforced, whereas this allows someone to be potentially licensed as a stablecoin issuer without being classified as a bank,” Grey said. “One of the not-as-widely-reported but second order and subtle goals of that was to re-absorb the money transmitter industry into banks.”
“This is highly likely to be way outdated and possibly inapplicable by the time we get to 2025,” Chris Lavigne, co-chair of the digital assets group at New York-based law firm Withers, told CoinDesk. “By 2025, I suspect the regulatory regime will have dramatically changed, and so I don't know to what extent this bill will become outdated and the laws in it will become outdated.”
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