US Treasury Secretary Janet Yellen will be meeting with the President’s Working Group on Financial Markets (PWG) to discuss regulations on stablecoins.
According to an announcement from the US Treasury Department, Yellen and the PWG will be joined by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to discuss “interagency work on stablecoins” on July 19th.
[adinserter block="1"]Yellen says the meeting will allow regulators to weigh the benefits of stablecoins against any risks they might pose to the financial system.
“Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system. In light of the rapid growth in digital assets, it is important for the agencies to collaborate on the regulation of this sector and the development of any recommendations for new authorities.”
The announcement also mentions that the interagency work will expand on an initial assessment by the PWG on key regulatory and supervisory considerations on certain stablecoins.
“U.S. authorities will continue to assess the evolving technological and market landscape and the U.S. regulatory framework for oversight of stablecoin arrangements to enable responsible innovation that protects end-users and to address potential risks to the financial system. As U.S. authorities evaluate stablecoin arrangements, they may identify additional issues relating to authority and coordination of U.S. regulatory activities.”
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