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12/2/2021, 5:19 PM (Source: TeleTrader)
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Fed's Quarles: Biden admin may constrict stablecoin innovation

Federal Reserve Board of Governors Member Randal Quarles said on Thursday that the recommendations by the Biden administration on stablecoins may further constrict innovation for the emerging technology.

In his last speech as a board member, Quarles said that the newly proposed regulations could be an "overkill." Furthermore, he asserted that banks should be able to engage in activities involving stablecoins once concerns on stability and consumer protection are addressed.

Previously, the United States Treasury Department stated that stablecoins may start being used more broadly in the country, but that more regulation is needed.

Baha Breaking the News (BBN) / OL