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According to a July 19 Treasury Department reading, Secretary Janet Yellen urged the Presidential Financial Markets Task Force (PWG) to act on the regulation of stablecoins.
Yellen “stressed the need to act quickly to ensure that an appropriate US regulatory framework is in place,” said the announcement.
The PWG officially includes the Treasury, the Federal Reserve, the Securities and Exchange Commission, and the Commodity Futures Trading Commission. Leaders from all of these offices were part of today’s meeting, along with colleagues from the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.
The presence of representatives from so many agencies suggests an interest in a major regulatory project focused on stablecoin rules. It is also in line with other efforts to coordinate crypto regulation between entities. Currently, stablecoin operators in the United States primarily respond to state regulators.
The read was pretty succinct in her description of today’s event, which Yellen announced last week, but which has remained closed to the public. The Treasury reported that participants attended a presentation of a major report on the regulation of stablecoins that is in preparation within the department.
The leaders also “discussed the rapid growth of stablecoins, the potential uses of stablecoins as a means of payment and the potential risks to end users, the financial system and national security.”
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