{"id":9865,"date":"2021-07-21T02:54:17","date_gmt":"2021-07-21T02:54:17","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/treasury-secretary-yellen-asks-us-regulators-overseeing-crypto-assets-to-act-quickly-to-regulate-stablecoins\/"},"modified":"2021-07-21T02:54:17","modified_gmt":"2021-07-21T02:54:17","slug":"treasury-secretary-yellen-asks-us-regulators-overseeing-crypto-assets-to-act-quickly-to-regulate-stablecoins","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/treasury-secretary-yellen-asks-us-regulators-overseeing-crypto-assets-to-act-quickly-to-regulate-stablecoins\/","title":{"rendered":"Treasury Secretary Yellen Asks US Regulators Overseeing Crypto Assets to \u2018Act Quickly\u2019 to Regulate Stablecoins"},"content":{"rendered":"

U.S. Treasury Secretary Janet Yellen has asked the regulators overseeing crypto assets to \u201cact quickly to ensure there is an appropriate U.S. regulatory framework in place\u201d for stablecoins.<\/strong><\/p>\n

U.S. Department of the Treasury\u2019s Office of Public Affairs announced Monday the outcome of the meeting of the President\u2019s Working Group on Financial Markets (PWG) which Treasury Secretary Janet Yellen convened to discuss stablecoin regulation.
\nThe meeting<\/a>, which took place Monday, was joined by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).
\n\u201cIn the meeting, participants discussed the rapid growth of stablecoins, potential uses of stablecoins as a means of payment, and potential risks to end-users, the financial system, and national security,\u201d the announcement details, adding:<\/p>\n

The Secretary underscored the need to act quickly to ensure there is an appropriate U.S. regulatory framework in place \u2026 The PWG expects to issue recommendations in the coming months.<\/p>\n

The meeting was attended by Yellen, Fed Chairman Jerome Powell, SEC Chairman Gary Gensler, CFTC Acting Chairman Rostin Behnam, FDIC Chairman Jelena McWilliams, Acting Comptroller of the Currency Michael J. Hsu, Fed Vice Chair Randal Quarles, and Treasury\u2019s Under Secretary for Domestic Finance J. Nellie Liang.<\/p>\n

<\/p>\n

Regulators worldwide are increasing their efforts to regulate stablecoins. The Bank of England, for example, has said payments made with stablecoins should be regulated in the same way as payments made by banks if they become widely used.
\nA growing number of regulators see stablecoins as posing financial stability risks, unlike cryptocurrencies<\/a> such as bitcoin. ECB President Christine Lagarde said<\/a> in November last year that stablecoins, such as the Facebook-backed crypto, could pose \u201cserious risks.\u201d If widely adopted, \u201cthey could threaten financial stability and monetary sovereignty,\u201d she said.
\nLast week, Fed Chairman Powell claimed that you would not need<\/a> stablecoins or cryptocurrencies if you had a digital U.S. currency.<\/p>\n

What do you think about Treasury Secretary Yellen asking regulators to take action quickly on stablecoin regulation? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Janet Yellen, janet yellen stabelcoins, Stablecoin, stablecoin regulation, Stablecoins, Treasury Secretary, us stablecoins<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. Treasury Secretary Janet Yellen has asked the regulators overseeing crypto assets to \u201cact quickly to ensure there is an appropriate U.S. regulatory framework in place\u201d for stablecoins. U.S. Department of the Treasury\u2019s Office of Public Affairs announced Monday the outcome of the meeting of the President\u2019s Working Group on Financial Markets (PWG) which Treasury…<\/p>\n","protected":false},"author":0,"featured_media":9866,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9865","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\/9865"}],"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=9865"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9865\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9866"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}