In response to the U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing “Examining the President’s Working Group on Financial Markets Report on Stablecoins,” Tassat Group Chairman and CEO Kevin R. Greene said:
“Between today’s Senate Banking Committee hearing and last week’s hearing before the House Financial Services Committee, it is clear that lawmakers are engaged and ready to regulate stablecoins. While it will be important to provide a regulatory framework to protect consumers and our financial system, these discussions miss an important point. Instantaneous and secure blockchain-based payments can be achieved today with solutions that exist entirely within the current regulatory structure.
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“Solutions like The Digital Interbank Network, which is owned and managed by U.S. regulated banks, enable banks and their customers to effectively compete and win in our increasingly digital economy, while avoiding the risks identified by the President’s Working Group and Under Secretary Liang.”
Attribution: Kevin R. Greene, Chairman and CEO, Tassat Group
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The Digital Interbank Network™ enables member banks to execute secure and instantaneous real-time payments and other banking services between their commercial customers, 24/7/365, via private, permissioned blockchains.
In December 2021, The Digital Interbank Network performed the first-ever public demonstration of an instantaneous, real-time transfer of digital dollars between two banks using blockchain technology. Currently, more than 200 banks across the nation are in discussions regarding joining The Network. A 40-bank working group has been established to help guide The Network to a planned 2022 launch.
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