The report on the stablecoin market, prepared by the Financial Markets Working Group (PWG) in the US, is expected to be released today after months of work.
In the report of the Financial Markets Working Group, stablecoins in payment transactions the benefits it can offer and consumers, markets, and the financial system. to the risks involved will be placed.
PWG, which has been researching the approximately $140 billion stablecoin market since the summer; It consists of the Treasury Department, the Fed, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.
Treasury Secretary Janet Yellen said in July that the government should act quickly to prepare a framework to regulate stablecoins.
It has been reported that some officials from the Ministry of the Treasury met with some representatives from the private sector to exchange ideas about stablecoin regulations in the meantime.
The report, expected to be released today, as quoted by Reuters and Politico, covers how stablecoins are positioned on the current legal ground in the US. How can it be regulated and which institution will be under the control of can be a guide in matters.
Nellie Liang, undersecretary of the Ministry, attended an event last month to discuss the research of the Financial Markets Working Group. regulations to protect the stability of consumers and the financial system, and to prevent financial crimes and protect the integrity of the payment system. He said he was focused.
According to the news that Bloomberg quoted at the end of October, citing sources knowledgeable about the subject, in PWG’s report, stablecoins similar to deposit accounts regulation is recommended.
Authorities did not make a confirmation statement on the subject.