Stablecoins, digital assets designed to maintain a stable value relative to a specific asset or basket of assets, have sparked significant interest and concern among U.S. regulators. Doug Landy and Chante Eliaszadeh from White & Case, in their chapter “The Regulation of Stablecoins in the United States” featured in Global Legal Insights – Blockchain & Cryptocurrency Regulation 2025, delve into the evolving regulatory landscape of this rapidly advancing sector. They explore how current and proposed regulatory frameworks aim to address the unique challenges posed by stablecoins.
The key themes discussed include the U.S. regulatory approaches and the impact of existing and proposed legislation on the stablecoin market. Landy and Eliaszadeh highlight the balance between fostering innovation and ensuring consumer protection. Trends indicate a movement toward greater regulatory clarity and oversight, reflecting a bipartisan consensus on creating a robust regulatory environment. This environment aims to prevent misuse while supporting legitimate uses of stablecoins. Moreover, international cooperation is becoming increasingly prominent as U.S. regulators engage with their global counterparts to harmonize regulatory approaches.
The chapter emphasizes significant legal questions surrounding the classification of stablecoins under different regulatory regimes, including securities and commodities. Compliance obligations and the role of government agencies like the SEC and CFTC are also examined. The potential for regulatory reforms and the evolving landscape of enforcement actions are highlighted as key points of discussion. Overall, the chapter presents a comprehensive overview of the current state and potential future direction of stablecoin regulation in the U.S., stressing the importance of balancing innovation with prudent risk management. As the regulatory environment continues to develop, it aims to address the unique features and risks associated with stablecoins effectively.
