International Securities Commission says global stablecoin plan may be regulated by securities laws

A new report shows that the International Securities Commission (IOSCO) believes that the Global Stablecoin Program may be regulated by securities laws. It is reported that IOSCO has studied the imaginary stablecoin managed by the Corporate Governance Committee, which is supported by a basket of global reserve currencies and is based on its own private blockchain. It can only be issued to "authorized participants" who buy and sell stablecoins, and can be passed between users' digital wallets. The report did not mention any specific stablecoin names (although the example looks a lot like the Libra project led by Facebook). From its hypothetical analysis, IOSCO found that the plan may fall under the purview of securities regulators.