Nancy Light

The OCC rules governing stable coin-issuing companies needs to be strengthened. They should, at minimum, do the following: * Before any such institution qualifies, it needs to name the people who own it, who its investors are(including foreign investors) and who receives interest earned by the reserve. * More stringent review of such companies should be performed if any of its leadership includes elected officials, their family members, or investors tied to foreign governments. * The OCC should require a written record and public accounting every time the built-in switch allowing the company to freeze an investor's money in place is used. Because of the possibility of abuse, an uninsured national trust bank issuing a stable coin tied to sitting elected officials and half owned by foreign linked entities should face the strongest oversight possible.