US Treasury Secretary Janet L. Yellen presented plans to convene the President’s Working Group on Monetary Markets (PWG) next to the Comptroller of Foreign Money and Federal Deposit Insurance Coverage Company to discuss possible cross-agency work on stablecoins. The meeting is scheduled for Monday, July 19.
Secretary Yellen stated:
“The joint involvement of regulators will allow us to assess the potential benefits of stablecoins while mitigating the dangers they could pose to customers, markets or the monetary system. With the rapid development of digital goods, it is vital that authorities work collectively to manage this sector and develop proposals for new authorities. “
In December 2020, the PWG introduced that it would begin to review the current stablecoins laws in order to identify and combat the dangers associated with the know-how.
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The announcement of the gathering comes two days after Federal Reserve Chairman Jerome Powell spoke to the House of Representatives about the desire for stricter laws on stablecoins. Powell said regulation was needed if stablecoins are to be part of the fund universe.
A bipartisan bill was filed in the House of Representatives yesterday to provide a transparent definition of possessions that are similar to digital tokens and various emerging applied sciences under relevant securities legal guidelines. The Securities Readability Act applies equally to all assets, whether tangible or digital, and states that an asset is segregated from finance contracts and separate from the provision in which it might be involved.