1 November 2021 – US treasury department-led regulatory body, the President’s Working Group on Financial Markets, has released its report and recommendations on stablecoins, advising Congress to regulate issuers of stablecoins. “Stablecoins that are well-designed and subject to appropriate oversight have the potential to support beneficial payments options. But the absence of appropriate oversight presents risks to users and the broader system,” said secretary of the treasury Janet Yellen. Currently as the oversight is fragmented, some stablecoins are falling outside regulatory perimeter. The President’s Working Group on Financial Markets, joined by the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), released the report on stablecoins.
Re-disseminated by The Asian Banker from US Department of the Treasury