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The United States wants to get serious about the regulation of stablecoins as they continue to grow.
Yellen recommends quick action on stablecoins regulation
U.S. Treasury Secretary Janet Yellen has urged the Presidential Working Group on Financial Markets (PWG) to work fast and regulate the stablecoin market. Stablecoins have experienced massive growth over the past few years, and more tech companies are now entering the market.
Yellen told the working group that there is a need to act quickly to ensure there is an appropriate U.S. regulatory framework in place. The Treasury Department said, “The group also heard a presentation from Treasury staff on the preparation of a report on stablecoins, which would discuss their potential benefits and risks, the current U.S. regulatory framework, and the development of recommendations for addressing any regulatory gaps.”
The PWG comprises the Treasury, the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission. The working group assured Yellen that they would issue recommendations on the regulation of stablecoins over the next few months.
Global regulators becoming more serious with crypto regulation
Regulatory agencies in various parts of the world have become serious with cryptocurrency regulation. The French government has recommended that the European Securities and Market Authority, or ESMA, should be tasked with regulating cryptocurrency activities across Europe.
The government is pushing for a united regulation for cryptos across Europe to make it easier for the market participants and to promote innovation.
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