{"id":9742,"date":"2021-07-17T15:54:06","date_gmt":"2021-07-17T15:54:06","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/us-treasury-secretary-yellen-outlines-plans-to-regulate-stablecoins-in-collaboration-with-the-fed-sec-cftc\/"},"modified":"2021-07-17T15:54:06","modified_gmt":"2021-07-17T15:54:06","slug":"us-treasury-secretary-yellen-outlines-plans-to-regulate-stablecoins-in-collaboration-with-the-fed-sec-cftc","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/us-treasury-secretary-yellen-outlines-plans-to-regulate-stablecoins-in-collaboration-with-the-fed-sec-cftc\/","title":{"rendered":"US Treasury Secretary Yellen Outlines Plans to Regulate Stablecoins in Collaboration With the Fed, SEC, CFTC"},"content":{"rendered":"

U.S. Treasury Secretary Janet Yellen will convene a meeting with the Biden administration\u2019s working group on financial markets to discuss stablecoin regulation. \u201cIn light of the rapid growth in digital assets, it is important for the agencies to collaborate on the regulation of this sector and the development of any recommendations for new authorities,\u201d said Yellen.<\/strong><\/p>\n

US Government Discussing Stablecoin Regulation<\/h2>\n

U.S. Treasury Secretary Janet Yellen announced Friday her plans to discuss the regulation of stablecoins. She will convene a meeting on July 19 of the President\u2019s Working Group on Financial Markets (PWG) to discuss the matter. The meeting will also be attended by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).<\/p>\n

Yellen explained, \u201cBringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system.\u201d The treasury secretary detailed:<\/p>\n

In light of the rapid growth in digital assets, it is important for the agencies to collaborate on the regulation of this sector and the development of any recommendations for new authorities.<\/p>\n

According to the announcement, \u201cThe PWG was established to enhance the integrity, efficiency, orderliness, and competitiveness of U.S. financial markets.\u201d<\/p>\n

Yellen is a member of the PWG, along with the chairman of the Board of Governors of the Federal Reserve System, the chairman of the Securities and Exchange Commission (SEC), and the acting chairman of the Commodity Futures Trading Commission (CFTC).<\/p>\n

<\/p>\n

The discussion will build on the PWG\u2019s \u201cStatement on Key Regulatory and Supervisory Issues Relevant to Certain Stablecoins,\u201d published in December 2020.<\/p>\n

Among other things, the document<\/a> explains that \u201cDepending on its design and other factors, a stablecoin may constitute a security, commodity, or derivative subject to the U.S. federal securities, commodity, and\/or derivatives laws.\u201d It further stresses, \u201cStablecoin participants and arrangements must meet all applicable anti-money laundering and countering the financing of terrorism (AML\/CFT) and sanctions obligations before bringing products to market.\u201d<\/p>\n

The Treasury\u2019s announcement adds:<\/p>\n

The PWG will examine the current regulation of stablecoins, identify risks, and develop recommendations for addressing those risks. The PWG expects to issue written recommendations in the coming months.<\/p>\n

What do you think about the comments by Treasury Secretary Janet Yellen? <\/strong><\/em>Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Biden Administration, CFTC, Federal Reserve System, Janet Yellen, Joe Biden, SEC, Stablecoin, stablecoin regulation, Stablecoins, the fed, Treasury Secretary, us crypto, us crypto regulation, us stablecoin<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. Treasury Secretary Janet Yellen will convene a meeting with the Biden administration\u2019s working group on financial markets to discuss stablecoin regulation. \u201cIn light of the rapid growth in digital assets, it is important for the agencies to collaborate on the regulation of this sector and the development of any recommendations for new authorities,\u201d said…<\/p>\n","protected":false},"author":0,"featured_media":9743,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9742"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9742"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9742\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9743"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}