“Ultimately, if stablecoins are not clearly defined as a form of money — whether as a cash equivalent or negotiable instrument — it could render them impractical as a medium of exchange and would defeat the purpose of potentially significant legislation,” writes BWC Member Linda Jeng in a recent Financial Times article. She outlines what the proposed stablecoin legislation in the U.S. lacks considering the current and potential widespread use cases of stablecoins. 

To continue reading at Financial Times, click here.

All views expressed by members are their own and not reflective of the views of the Bretton Woods Committee.