• Bitwise Chief Compliance Officer Kathrine Dowling is optimistic on stablecoin regulation in the US in 2023.
• Stablecoins are likely to be the first to get regulated in the US in 2023, according to Katherine Dowling, the general counsel and chief compliance officer at cryptocurrency investment firm Bitwise.
• Stablecoin regulation is a „narrower issue“ that regulators can easily get hold of, and Congress is keen on the issue of proper legislation.
Bitwise Chief Compliance Officer Kathrine Dowling is optimistic that the United States will be able to pass legislation regulating stablecoins by 2023. According to Dowling, stablecoins are likely to be the first type of cryptocurrency to receive regulation, due to the fact that the regulation required for stablecoins is relatively straightforward.
On Monday, Dowling was interviewed by CoinDesk TV and gave her thoughts on the issue of stablecoin regulation. She stated that the legislation was more likely to be passed this year as the sub-industry of stablecoins is not particularly complex. She also noted that the regulatory spotlight on the broader crypto industry could have provided a platform for rebuilding after the events of the past few months, such as the collapse of FTX.
Dowling believes that Congress is keen on the issue of proper legislation when it comes to stablecoins and that regulators can easily get a hold of the issues surrounding them. She believes that the US is looking to align with the global regulatory community and that this could result in the passing of legislation regarding stablecoins.
In order to ensure that the legislation is passed, Dowling believes that a collaborative effort between the US government, industry leaders, and regulators is essential. She also stated that the US should look to other countries for guidance on how to effectively regulate the use of stablecoins, as many other countries have already implemented regulations for their own stablecoins.
Overall, Dowling is optimistic that the US will be able to pass legislation regulating stablecoins by 2023 and that this legislation could be a major turning point for the entire cryptocurrency industry. By passing the legislation, the US will be able to ensure that the use of stablecoins is safe and secure, which will benefit both consumers and the industry as a whole.