US Treasury to Say SEC Can Regulate Stablecoins: Report
SEC Chairman Gary Gensler wants more authority before Congress works out how best to regulate the cryptocurrencies.
Oct 25, 2021 at 11:26 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/OYQG2XEGR5G55KWFP42DVRIUQE.jpg)
Gary Gensler (Evelyn Hockstein/Getty Images)
Sebastian Sinclair is a CoinDesk news reporter based in Australia.
The U.S. Securities and Exchange Commission (SEC) may have moved one step closer to achieving significant oversight on stablecoins.
- According to a Bloomberg article on Monday, which cited people familiar with the matter, a report expected this week from the U.S. Treasury Department and other agencies will indicate that the SEC has significant authority to regulate stablecoins, which are the cryptocurrencies pegged 1:1 to fiat currency.
- The report will also ask Congress to detail how stablecoins should be regulated in the same way bank deposits are.
- SEC Chairman Gary Gensler reportedly pushed for changes.
- Gensler is seeking to make clear the government will take a more active role in stablecoin regulation in the short term while awaiting legislative changes in the long term, according to the report.
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Sebastian Sinclair is a CoinDesk news reporter based in Australia.
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Sebastian Sinclair is a CoinDesk news reporter based in Australia.
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