The Treasury called on Congress to quickly pass new legislation that would require stablecoins to be issued by insured banks that are overseen by federal banking regulators, in a report issued by the President’s Working Group on Financial Markets.
The Biden administration called on Congress to quickly pass new legislation that would require stablecoins to be issued by insured banks that are overseen by federal banking regulators, in a report issued by the President’s Working Group on Financial Markets on Monday.
Stablecoins like dai DAIUSD, tether USDTUSD and USD coin USDCUSD are a kind of digital asset that pegs its value to the U.S. dollar, and have become widely used to facilitate trading in popular cryptocurrencies, including bitcoin BTCUSD and ether ETHUSD. Their...
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Treasury report calls for stricter oversight of stablecoinsThe Biden administration is calling on Congress to pass legislation that would strengthen government regulation of stablecoins, a form of cryptocurrency that has soared in popularity in the past year. In a 22-page report issued Monday, the Treasury Department and several other regulators said the legislation should require that stablecoin issuers become banks, which would potentially subject them to a wide range of rules, including those requiring that banks hold sufficient cash reserves and implement measures to prevent money laundering and other illicit activities.
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Federal regulators want to slap bank-like rules on stablecoinsRegulators have long been circling cryptocurrencies. Now they have a new target: stablecoins.
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