G20 members endorse digital asset innovation
G20 members, under the United States’ presidency, agreed that digital asset innovation has a “transformative role” and can support “broad-based economic growth.” A speech released by the US Treasury Department on Tuesday said all members had agreed with the statement.
Statement calls for better cross-border payments
The G20 also called on countries to improve cross-border payments and facilitate the transmission of financial-services-related data. In the statement, members committed to advancing “responsible and effective regulatory and supervisory frameworks” that preserve financial stability, support economic growth and establish clear pathways for sound digital financial and digital assets innovation, while considering cross-border opportunities and challenges as appropriate.
Financial Stability Board results are still pending
The group said it was waiting for results from the Financial Stability Board related to “global stablecoin arrangements and stablecoin data sources, availability, and potential challenges.”
Policy moves in the EU and the US
The comments followed a wave of laws and regulations on cryptocurrencies and stablecoins in the US and other member countries, ranging from the European Union’s Markets in Crypto Assets (MiCA) rules to the US Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
Cointelegraph also noted in a related report that the crypto industry has urged the SEC not to impose blanket restrictions on novel ETF products.