Asset Manager Van Eck Says Stablecoins Should Be Treated as Investment Funds, Not Banks

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Van Eck’s broadside followed just two weeks after the U.S. Undersecretary for Domestic Finance, Nellie Liang, testified before Congress that stablecoins “are bank-like products…as well as an investment-like product, which is why there was a regulatory gap.” A group of regulators called theIn her testimony, Liang said that technology companies without bank licensing should not offer stablecoins.

“Despite the similarity that stablecoins have with money market funds, the PWG suggested that stablecoin issuers be “insured depository institutions.” Stablecoins invest in securities; they don’t lend like banks do,” van Eck wrote.First, he suggested that the SEC oversee stablecoins for a four-year trial period similar to how it considers investment funds under the Investment Company Act of 1940.

HeleneBraunn I do not believe that USDT is an investment product. It is primarily a trading tool.

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HeleneBraunn I think that banks will soon also begin to create their own analogues of usdt

HeleneBraunn And that is exactly what they are...

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