It goes much farther than needed and will likely shut off beneficial innovations in the U.S. Given everything in the report, it is very difficult to escape the conclusion that the administration wants to isolate the banking industry from competition and prevent stablecoins from growing in any way other than on the federal government’s terms. (To give the administration credit, this twisted logic does appear consistent with the views of its nominee for the comptroller.) The truly laughable part is that the logic implies the concentration of economic power is bad, but not when the federal government orchestrates it and forces taxpayers to clean up any of the potential mess. It’s a move that makes no sense if the goal is to prevent excessive concentration. Preventing everyone outside the banking sector from issuing stablecoins removes a major threat of competition from the banking industry.
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