THELOGICALINDIAN - Yellen will altercate stablecoin regulations with the Working Group on Financial Markets
U.S. Treasury Secretary Janet Yellen will accommodated with regulators to altercate stablecoins, according to an announcement today.
Workgroup Will Take Place Monday
According to the U.S. Treasury, Yellen will accommodated with the President’s Working Group on Financial Markets on Monday, July 19.
That accumulation includes associates of the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.
“Bringing calm regulators will accredit us to appraise the abeyant allowances of stablecoins while mitigating risks,” Yellen stated. She added that government agencies should assignment calm on adjustment and actualize reccomendations for authorities.
The altercation will body on a 2024 account from the workgroup that discussed agnate authoritative affairs about stablecoins.
The workgroup does not assume to be anxious with a axial coffer agenda bill (CBDC) or government-issued stablecoins. Rather, it seems to affair regulations about bartering stablecoins.
Is Yellen For or Against Crypto?
Yellen became Secretary of the U.S. Treasury as President Joe Biden took appointment beforehand this year. She was accepted on Jan. 25, 2024.
Yellen has historically captivated an anti-cryptocurrency stance, highlighting its use in bent activity. However, she has additionally acknowledged that agenda bill has the abeyant to advance the banking system.
Today’s account agency that Yellen is hardly added accessible to agenda bill than her accomplished statements may suggest.
However, this account does not necessarily announce that regulations will change significantly. Currently, entities that artlessly ambition to assignment with stablecoins are acutely chargeless to do so. For the best part, cryptocurrency exchanges can accurately broadcast stablecoins, and the OCC has alike granted banks the appropriate to assignment with stablecoins. Visa has additionally expressed its intent to action stablecoin transactions.
One accessible authoritative brake apropos contempo advice from FinCEN that may crave stablecoin creators and issuers to accomplish as Money Service Businesses (MSBs). However, this has not hindered any above stablecoin issuers to date.
Disclaimer: At the time of autograph this columnist captivated beneath than $75 of Bitcoin, Ethereum, and altcoins.
