On February 28th, 2018, the US Treasury Department and other financial institutions were scheduled to meet in Washington DC to discuss the future of stablecoins.
The Federal Reserve, the Securities and Exchange Commission, and the U.S. Treasury Department will convene tomorrow for a meeting that will focus on the future impact of stablecoins. A “stablecoin” is a cryptocurrency that is pegged to a stable price, such as the U.S. dollar.
US Treasury Secretary Janet L. Yellen has announced plans to convene the President’s Working Group on Financial Markets (PWG), as well as the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, to discuss possible interagency work on stable currencies. The meeting is scheduled for Monday, 19. July, scheduled.
Secretary Yellen said:
By bringing regulators together, we can assess the potential benefits of stablocoins while mitigating the risks they may pose to users, markets or the financial system. Given the rapid growth of digital assets, it is important that authorities work together to regulate the sector and develop recommendations for new authorities.
In December 2020, the PWG stated that it would begin a review of current stablecoin regulations to identify and address the risks associated with this technology.
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The announcement comes two days after Federal Reserve Chairman Jerome Powell spoke before the House of Representatives about the need for tighter regulation of stable currencies. According to Mr Powell, regulation is needed to make stablecoin part of the payment system.
Yesterday, a bipartisan bill was introduced in the House of Representatives that would provide a clear definition of assets such as digital tokens and other emerging technologies under current securities laws. The Securities Clarification Act applies equally to all assets, physical or digital, and provides that the asset of an investment contract is separate and distinct from the offering to which it may have belonged.
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