Stablecoin News: US Treasury Secretary Janet Yellen made an important cryptocurrency statement today. Minister Yellen announced that a “strong” group of federal financial regulators will meet next week to discuss stablecoins. The meeting will take place on Monday, July 19th.
Stablecoin group meets on Monday
The Financial Markets Working Group (PWG), which the Chairman stated to hold a meeting; The Treasury will join the Office of the Currency Controller (OCC) and the Federal Deposit Insurance Corporation (FDIC).
In her statement in addition to the announcement, Yellen used the following statements:
“In light of the rapid growth in digital assets, it is important that agencies collaborate on regulating this sector and developing any recommendations for new authorities.”
It is reported that the meeting will be held on Monday.
“Even more important than digital money”
Late last year, PWG published a report on stablecoins that the Treasury said would be the basis for next week’s meeting. But overall, stablecoin operators do not have a clear federal regulator in the US to report to. Instead, state-by-state statutes and licenses form the legal framework for stablecoins.
The issue of proper regulation of stablecoins is becoming more and more popular in the US. Yesterday, Federal Reserve Chairman Jerome Powell told a Senate subcommittee that proper regulation of stablecoins would be a “more direct solution” to US payments than the Fed’s creation of a digital currency.