CoinVoice recently learned that U.S. Treasury Deputy Secretary Nellie Liang made a speech advocating that non-bank payment providers, including money transmission companies, electronic currency companies, and stablecoin issuers, be brought under federal regulation rather than the current state-level regulation. She emphasized that changes in the digital payment environment mean that the existing state regulatory model is no longer applicable.
Liang pointed out that with the popularity of electronic applications, money transmission companies are responsible for managing large amounts of cash, especially in the field of stablecoins, but differences in state laws on fund investment have created regulatory complexity. She criticized the existing regulatory patchwork system, believing that it is heavy and inefficient and fails to effectively address risks. State-level regulation prevents these companies from accessing federal payment systems such as FedACH and FedNow. She called on Congress to establish a unified regulatory framework to better address the unique risks posed by stablecoins. [Original link]