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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.
A growing number of regulators see stablecoins as posing financial stability risks, unlike cryptocurrencies such as bitcoin. ECB President Christine Lagarde said in November last year that stablecoins, such as the Facebook-backed crypto, could pose “serious risks.” If widely adopted, “they could threaten financial stability and monetary sovereignty,” she said.
Last week, Fed Chairman Powell claimed that you would not need stablecoins or cryptocurrencies if you had a digital U.S. currency. 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’s Under Secretary for Domestic Finance J. Nellie Liang.
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. The Secretary underscored the need to act quickly to ensure there is an appropriate U.S. regulatory framework in place … The PWG expects to issue recommendations in the coming months.
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- Treasury Secretary Yellen urges US regulators who oversee cryptographic assets to ‘act fast’ to regulate Stablecoins
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