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Yellen urges quick U.S. adoption of stablecoin rules

EconomyJul 19, 2021 04:45PM ET
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© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen testifies before the Senate Appropriations Subcommittee on Financial Services about the FY22 Treasury budget request on Capitol Hill, in Washington, DC, U.S., June 23, 2021. Shawn Thew/Pool via REUTERS/

By Pete Schroeder

WASHINGTON (Reuters) -Treasury Secretary Janet Yellen told regulators Monday that the U.S. government must move quickly to establish a regulatory framework for stablecoins, a rapidly growing class of digital currencies.

A group of U.S. regulators plans to issue recommendations in the coming months for fixing any regulatory gaps around stablecoins, the Treasury Department said in a statement.

Monday's meeting of the President's Working Group on Financial Markets, which convenes top financial watchdogs, underscores how quickly policymakers are moving to ensure their rules can keep up with rapid technological changes across digital currencies.

The group discussed the rapid growth of stablecoins, which are cryptocurrencies that attempt to peg their values to a conventional currency, like the U.S. dollar, according to the Treasury. Regulators discussed their potential uses, as well as risks to end users and the financial system.

Fed Chair Jerome Powell told lawmakers during congressional hearings last week that stablecoins are "growing incredibly fast" but pointed to their lack of appropriate regulation as a point of concern.

Yellen urges quick U.S. adoption of stablecoin rules
 

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Comments (7)
Picaso Fish
Picaso_Fish Jul 19, 2021 9:18PM ET
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What's the point? If it's pegged to the us dollar, why not just use the usd? Or is it just another way of using USD?
Gamer Turtle
GamerTurtle Jul 19, 2021 9:18PM ET
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another balance sheet to make the fed balance sheet look nice. if we can move 4T debt from that to another US currency under a different name, it is somehow better
Mike Mike
Mike Mike Jul 19, 2021 7:09PM ET
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a gross old bag with a Lego haircut.
Ivo Wagner
Ivo Wagner Jul 19, 2021 6:45PM ET
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Regulation, Regulation, Regulation, norms, rules and laws. The old secular way to *******efficiency and effectivenes.
CHADWICK RICHINGTON
CHADWICK RICHINGTON Jul 19, 2021 5:15PM ET
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On another note- that is one disgusting woman
CHADWICK RICHINGTON
CHADWICK RICHINGTON Jul 19, 2021 5:15PM ET
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Crypto needs the world. The world does not need crypto.
Patrick Sheedy
Patrick Sheedy Jul 19, 2021 5:05PM ET
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Dies anyone take the government seriously with all the negative talk about crypto? The PR campaign shows how threatened every gcountry is at losing control over money
Kenny Venezia
Kenny Venezia Jul 19, 2021 4:33PM ET
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did anyone really think it would go on forever?
 
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