{"id":130790,"date":"2020-04-16T11:30:45","date_gmt":"2020-04-16T10:30:45","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=130790"},"modified":"2020-04-20T04:14:03","modified_gmt":"2020-04-20T03:14:03","slug":"this-key-baseline-issue-could-undermine-public-confidence-in-crypto-stablecoins","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/this-key-baseline-issue-could-undermine-public-confidence-in-crypto-stablecoins\/","title":{"rendered":"This key baseline issue could undermine public confidence in crypto stablecoins"},"content":{"rendered":"<p>Stablecoins account for a rapidly growing sector of the crypto industry and have viewed by many industry-advocates as tools that will ultimately help bridge mainstream finance with the nascent and highly volatile crypto market.<\/p>\n<p>The adoption of these tokens, however, has been met with multiple roadblocks, with notable projects including Facebook\u2019s Libra initiative facing multiple legal and regulatory hurdles that have slowed its progress and stunted its adoption.<\/p>\n<p>The Senior Counsel to the Federal Reserve Board is now noting that having a sound legal basis to back stablecoins is imperative <a href=\"https:\/\/cryptoslate.com\/asia-ripe-for-stablecoin-adoption\/\">for their long-term adoption<\/a> within a real-world environment, with a lack of regulatory clarity potentially providing to be a fatal blow to the technology\u2019s adoption.<\/p>\n<h2>Federal Reserve Board Senior Counsel: Sound legal basis vital to stablecoin growth<\/h2>\n<p>In a <a href=\"https:\/\/lawcat.berkeley.edu\/record\/1137526\">recent article<\/a> published in the Berkeley Business Law Journal, Jess Cheng \u2013 the current Senior Counsel at the Federal Reserve Board, who is working to build the FedNow payment system \u2013 explained that despite having tremendous promise, stablecoins must surmount some key hurdles before seeing widespread adoption.<\/p>\n<p>One such hurdle that she points to is there not being a sound, universal, legal basis underpinning the crypto technology, with this being imperative to it garnering widespread adoption from the general public. Cheng explains:<\/p>\n<blockquote><p>\u201cKey is the need to demonstrate a sound legal basis that supports the stablecoin arrangement, providing legal clarity to market stakeholders and users.\u00a0\u00a0 In the view of the G7, such legal clarity is \u2018an absolute prerequisite.\u2019\u201d<\/p><\/blockquote>\n<p>She also goes on to note that in order for crypto <a href=\"http:\/\/cryptoslate.com\/cryptos\/stablecoin\">stablecoins<\/a> to play a larger role in global commercial and retail payments, there needs to be legal certainty backing their value \u2013 as fiat currencies have.<\/p>\n<blockquote><p>\u201cAt a minimum, issuers of stablecoins must give legal certainty as to the nature of the commitment they are making to the holders of their coins, including the coin\u2019s relation to the underlying assets, the obligations of the issuer as to those assets\u2019 safekeeping and possession, and the terms of redemption for the stablecoin.\u201d<\/p><\/blockquote>\n<h2>Confidence in redemption value of crypto tokens a key trust factor<\/h2>\n<p>The largest and most popular stablecoin currently used by crypto investors, traders, and others is <a href=\"https:\/\/cryptoslate.com\/coins\/tether\/\">Tether (USDT)<\/a> \u2013 which currently boasts a market cap of over $6.3 billion.<\/p>\n<p>The crypto token \u2013 which is supposedly backed 1:1 by assets denominated in USD \u2013 has long been the center of significant controversy amongst <a href=\"https:\/\/cryptoslate.com\/binance-stablecoins-exponential-growth-shows-crypto-investors-are-flocking-for-safety\/\">cryptocurrency investors<\/a>, who note that Tether has been largely unable to prove that the tokens it frequently issues are actually fully backed by liquid assets.<\/p>\n<p>This controversy is exactly what Cheng\u2019s aforementioned point drives at \u2013 in order for any stablecoin to garner both trust and adoption, there has to be a strict legal framework that allows users to resolve disputes and ensure full auditability of the crypto token\u2019s supposed backing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stablecoins account for a rapidly growing sector of the crypto industry and have viewed by many industry-advocates as tools that will ultimately help bridge mainstream finance with the nascent and highly volatile crypto market. The adoption of these tokens, however, has been met with multiple roadblocks, with notable projects including Facebook\u2019s Libra initiative facing multiple [&hellip;]<\/p>\n","protected":false},"author":174,"featured_media":130807,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32631],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>This key baseline issue could undermine public confidence in crypto stablecoins<\/title>\n<meta name=\"description\" content=\"The Senior Counsel to the Federal Reserve Board is noting that having a legal basis to back crypto stablecoins is imperative for their long-term adoption\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/this-key-baseline-issue-could-undermine-public-confidence-in-crypto-stablecoins\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This key baseline issue could undermine public confidence in crypto stablecoins\" \/>\n<meta property=\"og:description\" content=\"The Senior Counsel to the Federal Reserve Board is noting that having a legal basis to back crypto stablecoins is imperative for their long-term adoption\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/this-key-baseline-issue-could-undermine-public-confidence-in-crypto-stablecoins\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-16T10:30:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-20T03:14:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/stablecoins.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/this-key-baseline-issue-could-undermine-public-confidence-in-crypto-stablecoins\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/this-key-baseline-issue-could-undermine-public-confidence-in-crypto-stablecoins\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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