U.S. is not moving fast enough to develop a CBDC, says former CFTC chair

U.S. is not moving fast enough to develop a CBDC, says former CFTC chair

“We should act now to improve access to financial services through other means as well — the need is too great,” said Tim Massad.

Tim Massad, who served as chair of the Commodity Futures Trading Commission until 2017, said the United States is too slow in developing a plan to modernize its payment systems.

In a Wednesday hearing of the Joint Economic Committee on the role of digital assets in government, Massad

Coin Center director of research Peter Van Valkenburgh, also in attendance at the hearing, called stablecoins an “interesting area” in the crypto space but voiced concerns about the seeming lack of regulatory clarity for issuers.

“There are certainly some stablecoin issuers who are violating the law,” said Van Valkenburgh, adding: 

“There are also regulated stablecoin issuers and there is also the possibility of creating more of a federal home for regulation of stablecoins. We don’t have a legal gap there, I think — we just have an enforcement gap.”

The comments from both Van Valkenburgh and Massad come following a report from the President’s Working Group on Financial Markets suggesting that stablecoin issuers in the U.S. should be subject to “appropriate federal oversight” akin to that of banks. The group said legislation is “urgently needed to comprehensively address the prudential risks posed by payment stablecoin arrangements.”

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