Secretary of the Treasury, Janet Yellen, has urged to act quickly to ensure there is an appropriate US regulatory framework for stablecoins.
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According to an official statement, Yellen discussed with the Biden's Working Group on Financial Markets (PWG) several topics on stablecoins, including:
- the rapid growth of stablecoins;
- potential uses of stablecoins as a means of payment;
- potential risks to end-users, the financial system, and national security.
Moreover, the group heard a presentation from Treasury staff on the preparation of a report on stablecoins. Federal Reserve Chairman, Jerome Powell, Securities and Exchange Commission Chair, Gary Gensler, and Commodity Futures Trading Commission Acting Chair, Rostin Behnam, also participated in the meeting.
As iHodl earlier reported, Powell called for a regulatory framework for stablecoins as this type of assets might be a "significant part" of the payments universe. Speaking at the House Financial Services Committee, Powell warned stablecoins are similar to bank deposits, however, they have no regulation.
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