U.S. financial institutions will meet to discuss the impact of stablecoins on the future

U.S. Treasury Secretary Janet L. Yellen Announced plan Convene the President’s Financial Markets Working Group (PWG), the Office of the Comptroller of Currency and the Federal Deposit Insurance Corporation to discuss possible cross-departmental work related to stablecoins. The meeting is scheduled for Monday, July 19.

Secretary of State Yellen said:

“Combining regulators will allow us to assess the potential benefits of stablecoins, while reducing the risks they may bring to users, markets, or financial systems. Given the rapid growth of digital assets, agencies are cooperating to oversee the industry and provide new authorities for the It is very important to make any recommendations.”

In December 2020, PWG means It will begin to examine the current regulations of stablecoins to identify and resolve the risks associated with the technology.

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The announcement of this meeting was announced two days after Fed Chairman Jerome Powell (Jerome Powell) proposed more stringent measures. Stable currency supervision In front of the House of Representatives. Powell said that if stablecoins are to become part of the payment field, they need to be regulated.

One yesterday Bipartisan bill Introduced into the House of Representatives to clearly define assets such as digital tokens and other emerging technologies under current securities laws. The Securities Clearance Law will equally apply to all tangible or digital assets, and stipulates that investment contract assets are independent, which is different from the issuance in which it may participate.