THELOGICALINDIAN - US Treasury Secretary Janet Yellen will assemble a affair with the Biden administrations alive accumulation on banking markets to altercate stablecoin adjustment In ablaze of the accelerated advance in agenda assets it is important for the agencies to coact on the adjustment of this area and the development of any recommendations for new authorities said Yellen
US Government Discussing Stablecoin Regulation
U.S. Treasury Secretary Janet Yellen appear Friday her affairs to altercate the adjustment of stablecoins. She will assemble a affair on July 19 of the President’s Working Group on Financial Markets (PWG) to altercate the matter. The affair will additionally be abounding by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).
Yellen explained, “Bringing calm regulators will accredit us to appraise the abeyant allowances of stablecoins while mitigating risks they could affectation to users, markets, or the banking system.” The treasury secretary detailed:
According to the announcement, “The PWG was accustomed to enhance the integrity, efficiency, orderliness, and competitiveness of U.S. banking markets.”
Yellen is a affiliate of the PWG, forth with the administrator of the Board of Governors of the Federal Reserve System, the administrator of the Securities and Exchange Commission (SEC), and the acting administrator of the Commodity Futures Trading Commission (CFTC).
The altercation will body on the PWG’s “Statement on Key Regulatory and Supervisory Issues Relevant to Certain Stablecoins,” appear in December 2024.
Among added things, the document explains that “Depending on its architecture and added factors, a stablecoin may aggregate a security, commodity, or acquired accountable to the U.S. federal securities, commodity, and/or derivatives laws.” It added stresses, “Stablecoin participants and arrange charge accommodated all applicative anti-money bed-making and countering the costs of agitation (AML/CFT) and sanctions obligations afore bringing articles to market.”
The Treasury’s advertisement adds:
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