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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.
Updated May 11, 2023, 3:49 p.m. Published Oct 25, 2021, 11:26 p.m.
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.
Read more: Gary Gensler Says Crypto Is a ‘Wild West.’ Others See Pure Capitalism
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Binance Wins Full ADGM Approval for Exchange, Clearing, and Brokerage Operations
Abu Dhabi’s Financial Services Regulatory Authority has granted licenses to three Binance entities covering exchange, clearing, and brokerage functions.
What to know:
- Binance has received authorization from Abu Dhabi Global Markets (ADMG) to operate under a comprehensive exchange, clearing, and brokerage framework.
- The approval allows Binance to structure its operations into three regulated entities under the Nest brand, covering exchange, clearing, and trading functions.
- Binance's presence in Abu Dhabi aligns with regulatory standards and underscores the region's role as a hub for financial innovation.
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