A top task force of financial regulators recommended on Monday that firms issuing stablecoins, a type of altcoin tied to real-world assets, should be more tightly regulated. Upon the report, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, published an article that included his own thoughts, although he was part of this task force. cryptocoin.com We share with you the letter of the SEC Chairman…
Gary Gensler discusses Bitcoin and stablecoins that dominate the altcoin space
The report, written by a Treasury Department-led group that includes U.S. Secretary of the Treasury Janet L. Yellen, Federal Reserve Chairman Jerome H. Powell, and Securities and Exchange Commission Chairman Gary Gensler, is the administration’s first to create regulation for the $2 trillion cryptocurrency industry. attempt was expected.
In his article, Gensler defined stablecoins and stated that the current stablecoin market has “grown 20 times in the last 20 months to a value of approximately $130 billion.” Stating that “certain parts of stablecoins or stablecoin arrangements can be securities, commodities and/or derivatives” as stated in the prepared report, Gensler says “the use of stablecoins brings with it a number of public policy challenges regarding investor protection.” .
He says stablecoins can facilitate the targeting of those trying to evade a range of public policy objectives linked to our traditional banking and financial system, including money laundering, tax compliance, sanctions and other measures against illegal activity, thus raising financial concerns. The SEC Chair notes that the new report also includes a set of recommendations to address these challenges. He concludes his article by saying that the laws will be preserved and fully implemented.
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