U.S. Treasury Secretary Janet Yellen has asked the regulators overseeing crypto assets to “act quickly to ensure there is an appropriate U.S. regulatory framework in place” for stablecoins.
U.S. Department of the Treasury’s Office of Public Affairs announced Monday the outcome of the meeting of the President’s Working Group on Financial Markets (PWG) which Treasury Secretary Janet Yellen convened to discuss stablecoin regulation. The meeting, which took place Monday, was joined by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). “In the meeting, participants discussed the rapid growth of stablecoins, potential uses of stablecoins as a means of payment, and potential risks to end-users, the financial system, and national security,” the announcement details, adding:
The Secretary underscored the need to act quickly to ensure there is an appropriate U.S. regulatory framework in place … The PWG expects to issue recommendations in the coming months.
The meeting was attended