Reflections on G7 Working Group on Stablecoins Report: Investigating the Impact of Stablecoins

& U.S. Senator Rounds’ Letter

WASHINGTON, DC, October 17, 2019 – Today, the G7 Working Group on Stablecoins released a report investigating the challenges and risks related to stablecoins like Libra. The report also outlined the applicable legal and regulatory frameworks, as well as a way forward to improve cross border payments. In addition, Senator Rounds issued a letter that is significant to the blockchain ecosystem as a whole. The following statement is from Perianne Boring, founder & president, Chamber of Digital Commerce. For follow up/further comment contact: marie@digitalchamber.org +1 202-422-2589.

The G7 Working Group on Stablecoins report is an important resource for global policymakers and regulators to consider in evaluating stablecoins like Libra, ensuring a vibrant and properly functioning marketplace.  Stablecoins may drive efficiencies and innovations throughout the economy, enabling a more inclusive global financial system. Challenges and risks identified by the working group should be carefully considered and addressed, and we urge global policymakers to leverage this work to provide a path forward for stablecoins that have vast potential to benefit the global economy. Regulators and policymakers around the world are recognizing blockchain as a breakthrough technology and we encourage them to continue to view technological progress as an important objective.  It is important that innovation occur according to a strategic plan to ensure that policy objectives and forward progress occur symbiotically. Our members are eager to engage with policymakers, and we will continue to encourage and facilitate those efforts.

In addition, Senator Rounds issued a letter in the stablecoin debate that offers significant meaning for the blockchain ecosystem as a whole. His letter, for the first time, sees beyond the skepticism surrounding one company’s innovation, and instead looks to the leadership of the United States in technological innovation. Policymakers must allow innovation while simultaneously considering associated policy considerations and risks, and tailor regulatory frameworks accordingly. Senator Rounds captures the reality of blockchain technology – the United States is falling behind in this space. We need a Plan to ensure the United States innovates deliberately and strategically to ensure we remain at the forefront of setting the standards and parameters for this industry.

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About the Chamber of Digital Commerce

Headquartered in Washington, D.C., the Chamber of Digital Commerce is the world’s first and largest trade association representing the digital asset and blockchain industry. For more information, please visit: DigitalChamber.org, and follow us on Twitter @DigitalChamber.

Press Contact:

Marie Knowles
marie@digitalchamber.org