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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. 1 min read
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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‘The banks will not accept it’: Dimon escalates battle over stablecoin rewards in CLARITY Act debate
JPMorgan CEO Jamie Dimon criticized Coinbase CEO Brian Armstrong and warned the current CLARITY Act framework could ultimately fail, as banks and crypto firms clash over whether stablecoin issuers should be allowed to offer yield-bearing rewards that resemble bank deposits.
What to know:
- JPMorgan Chase CEO Jamie Dimon criticized Coinbase CEO Brian Armstrong and warned that the latest CLARITY Act draft could fail if lawmakers do not address banks’ concerns over stablecoin regulation on Friday.
- Dimon argued that the bill would let stablecoin issuers effectively pay interest on deposits without bank-style protections, predicting...
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