Treasury Secretary Yellen Asks US Regulators Who Oversee Crypto Assets To ‘Act Quickly’ To Regulate Stablecoins – Bitcoin Regulation News

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US Treasury Secretary Janet Yellen has called on regulators overseeing crypto assets to “act quickly to ensure that an appropriate US regulatory framework is in place” for stablecoins.

The US Treasury Department’s public affairs office on Monday announced the results of the President’s Financial Markets Task Force (PWG) meeting that Treasury Secretary Janet Yellen convened to discuss stablecoin regulation . The meeting, which took place on Monday, was joined by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). “During the meeting, participants discussed the rapid growth of stablecoins, the potential uses of stablecoins as a means of payment, and the potential risks to end users, the financial system and national security,” explains the announcement, adding:

The secretary stressed the need to act quickly to ensure that an appropriate US regulatory framework is in place… The PWG expects to issue recommendations in the coming months.

Yellen, Fed Chairman Jerome Powell, SEC Chairman Gary Gensler, Acting CFTC Chairman Rostin Behnam, FDIC Chairman Jelena McWilliams, Acting Currency Comptroller Michael J. Hsu, Vice – Fed Chairman Randal Quarles and Under Secretary of the Treasury for Home Affairs attended the meeting. Finance J. Nellie Liang. Regulators around the world are stepping up their efforts to regulate stablecoins. The Bank of England, for example, has said that payments made with stablecoins should be regulated in the same way as payments made by banks if they become widely used. A growing number of regulators consider stablecoins to pose risks to financial stability, unlike cryptocurrencies such as bitcoin. ECB President Christine Lagarde said in November last year that stablecoins, such as Facebook-backed crypto, could present “serious risks.” If widely adopted, “they could threaten financial stability and monetary sovereignty,” she said. Last week, Fed Chairman Powell asserted that you wouldn’t need stablecoins or cryptocurrencies if you had a U.S. digital currency.

What do you think of Treasury Secretary Yellen asking regulators to take quick action on the regulation of stablecoins? Let us know in the comments section below.

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