Nextgov: Treasury Secretary: Agencies Must Develop Stablecoin Regulations

“Leading U.S. financial regulators got a preview of an in-the-works report federal staff is preparing on stablecoins—a new class of cryptocurrencies that typically try to peg value to other assets—during a meeting convened by U.S. Treasury Secretary Janet Yellen on Monday.

Federal Reserve, Securities and Exchange Commission, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency heads, among others, joined Yellen’s discussion…”

“As the name indicates, stablecoins are billed as being designed to have a relatively stable price compared to other cryptocurrencies, which have a reputation of being volatile.

During the meeting, the senior officials discussed what the nascent form of crypto might mean for the nation—and coin holders—with and without proper regulations. They were also informed about an upcoming report Treasury personnel are producing on potential benefits and risks of stablecoin use, the present national regulatory framework, and the development of recommendations for addressing any governing gaps…” Read the full article here.

Source: Treasury Secretary: Agencies Must Develop Stablecoin Regulations – By Brandi Vincent, July 20, 2021. Nextgov.

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