Comment Re:And when some of the "stable" coin co's (Score 3, Interesting) 65
go bellyup I can't wait to hear the screaming about bail them out. Part of the deal with putting money in a bank is it is FDIC insured.
The government could create FDIC insurance for a stablecoin. The whole point of a stablecoin is it's supposed to be backed by a specific hard asset or by a mix of hard assets. JMO - The government should be working on setting regulatory standards Stablecoins have to meet Including.
1. Registration similar to stock and bond issuers
2. Declared reserves.
3. Proof of stable reserves.
4. Proof of regulator audits of quarterly and annual audits those reserves by independent unrelated parties who have appropriate licensing and certification. Which include at the minimum a physical inventory of any hard reserves, a forensic book examination, confirmation of all balance sheets and statements for the preceding 6 months, and a complete review of all assets and liabilities.
5. Requirements that a subsequent independent audit cannot be performed by the same accounting firm, person, group, team, or contractor during the same year as a previous independent audit.