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 details about “A new report from the U.S. Department of the Treasury” urges Congress to "act promptly":
…to issue legislation that brings additional oversight to stablecoins, or cryptocurrency tokens pegged to fiat currencies.
Federal officials say regulation should match that of traditional financial institutions - as a way to mitigate investor, market and cybersecurity risks, among others.
While the report does not specify which federal agency held jurisdiction over stablecoin and digital asset trading, it credited the SEC and CFTC with "broad enforcement, rulemaking, and oversight authorities" to address related transactions and industry players.
Stay tuned to see what Congress does!