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.

AccessTimeIconOct 25, 2021 at 11:26 p.m. UTC
Updated Oct 26, 2021 at 1:14 p.m. UTC

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.

CoinDesk - Unknown

Sebastian Sinclair is a CoinDesk news reporter based in Australia.