Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), said that Washington is obsessed with cryptocurrencies.
Chopra noted that stablecoins are a fast-growing area that will require regulators to monitor risks to the rest of the financial system.
CFPB Director Speaks of Stablecoins
The CFPB Director used the following statements for stabloecoins:
“A stablecoin that can form the rails of a dominant payment system or mobile operating system can very quickly become omnipresent.”
The Financial Stability Oversight Council, made up of financial regulators, with Chopra as director, will meet tomorrow to consider a report on regulatory gaps in digital assets. Last year, the organization stated that stablecoins are an area that needs to be followed more.
Speaking at the annual Washington conference of the Electronic Transactions Association of payment service providers, Chopra voiced some concerns about stablecoins. These concerns addressed the implications for global financial stability if stablecoins were adopted rapidly.
Despite all this, Chopra believes the government has become too obsessed with cryptocurrencies.
“We are now – I say this kindly – at a time when Washington’s obsession with crypto comes at the expense of really thinking about the entire payments ecosystem.”
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