Yellen Eyes Stablecoins
July 19, 2021
Secretary of the Treasury Janet L. Yellen plans to convene the President’s Working Group on Financial Markets (PWG), in addition to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, to discuss interagency work on stablecoins. The group will meet Monday, July 19.
“Bringing together regulators will enable us to assess
the potential benefits of stablecoins while mitigating risks they could
pose to users, markets, or the financial system,” Secretary Yellen said.
“In light of the rapid growth in digital assets, it is important for the
agencies to collaborate on the regulation of this sector and the
development of any recommendations for new authorities.”