In this comment letter to the Office of the Comptroller of the Currency (OCC), the CAQ responds to the OCC’s proposed rulemaking on Implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act for the Issuance of Stablecoins by Entities Subject to the Jurisdiction of the Office of the Comptroller of the Currency.
In our letter, we support the OCC’s objective to enhance transparency, reliability, and accountability for permitted payment stablecoin issuers. Given our role, our comments are primarily focused on the aspects of the proposed rulemaking that impact public company auditors. Specifically, we offer views on:
- Audits of financial statements for certain permitted payment stablecoin issuers;
- Examination of monthly composition reports; and
- Mechanisms to increase transparency and reliability of information reported by permitted payment stablecoin issuers, including examinations of internal controls over stablecoin operations and reserves.
Read the full comment letter here.