Charles Johnson
Charles JohnsonOpposeIndividual
Summary: The commenter opposes the proposed stablecoin without transparency regarding ownership, FDIC insurance for deposits, and oversight by an independent regulatory agency rather than the Secretary of the Treasury. They argue for stricter regulations to prevent money laundering and ensure depositor safety.
I am opposed to the creation of any bank or financial institution or financial instrument without public knowledge of who owns the institution or instrument. I also am opposed to any institution accepting deposits that are not FDIC insured. If the funds are not stable enough to be insured, they are not safe for public deposits. We need full transparency, protection of investor/depositors, and regulations that will prevent money laundering and use of deposits for illicit purposes. The proposed stable coin should be overseen, regulated, by an independent regulatory agency, not the Secretary of Treasury, who is a political appointee.