Stablecoin Regulation May be Around the Corner!

BankInfoSecurity.com reported that “Congress [should] act promptly to enact legislation to ensure that payment stablecoins and payment stablecoin arrangements are subject to a federal prudential framework on a consistent and comprehensive basis.” The November 2, 2021 report entitled “US Treasury Department Says Stablecoins Must Be Regulated” included these particulars about “A new report from the U.S. Department of the Treasury” urges Congress to “act promptly”:

…to problem laws that brings extra oversight to stablecoins, or cryptocurrency tokens pegged to fiat currencies.

Federal officers say regulation ought to match that of conventional monetary establishments – as a technique to mitigate investor, market and cybersecurity dangers, amongst others.

Whereas the report doesn’t specify which federal company held jurisdiction over stablecoin and digital asset buying and selling, it credited the SEC and CFTC with “broad enforcement, rulemaking, and oversight authorities” to handle associated transactions and business gamers.

Keep tuned to see what Congress does!

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