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US Treasury to Say SEC Can Regulate Stablecoins: Report
SEC Chairman Gary Gensler wants more authority before Congress works out how best to regulate the cryptocurrencies.
Updated May 11, 2023, 3:49 p.m. Published Oct 25, 2021, 11:26 p.m.
The U.S. Securities and Exchange Commission (SEC) may have moved one step closer to achieving significant oversight on stablecoins.
- According to a Bloomberg article on Monday, which cited people familiar with the matter, a report expected this week from the U.S. Treasury Department and other agencies will indicate that the SEC has significant authority to regulate stablecoins, which are the cryptocurrencies pegged 1:1 to fiat currency.
- The report will also ask Congress to detail how stablecoins should be regulated in the same way bank deposits are.
- SEC Chairman Gary Gensler reportedly pushed for changes.
- Gensler is seeking to make clear the government will take a more active role in stablecoin regulation in the short term while awaiting legislative changes in the long term, according to the report.
Read more: Gary Gensler Says Crypto Is a ‘Wild West.’ Others See Pure Capitalism
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Fintech and Crypto Firms Seek Bank Charters Under Trump Administration: Reuters
Financial technology and crypto firms are increasingly applying for state or national bank charters, despite the community’s historical resistance to centralized banking.
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- Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
- Becoming a bank allows firms to accept deposits and lower borrowing costs but brings stricter oversight.
- Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.
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