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FSB Chair Prioritizes Stablecoin Regulation Ahead of G20 Summit
FSB Chair Prioritizes Stablecoin Regulation Ahead of G20 Summit
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BTCCSquare news:
Andrew Bailey, chair of the Financial Stability Board (FSB) and governor of the Bank of England, has flagged stablecoin oversight as a key agenda item for the G20 meeting this week. In a letter to G20 finance leaders, Bailey emphasized the need to advance the FSB's 2021 recommendations on stablecoin monitoring, particularly in emerging markets where adoption rates outpace regulatory frameworks.
The warning follows Bailey's recent critique of investment banks developing proprietary stablecoins, which he argues could undermine monetary policy effectiveness. Regulatory momentum is building globally, with the U.S. Senate's passage of the stablecoin bill GENIUS coinciding with record market capitalization for dollar-pegged tokens.
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