Treasury Secretary Yellen Calls for Regulation of Stablecoins
Yellen Urges Congress to Regulate Stablecoin Issuers and Wallet Providers
U.S. Treasury Secretary Janet Yellen emphasized the need for federal authority to regulate stablecoin issuers and wallet providers. She highlighted the importance of closing gaps in consumer protection and financial stability protections.
Stable Coins and Crypto Markets Identified as Regulatory Priorities
During a U.S. House of Representatives Financial Services Committee hearing, Yellen stated that the Financial Stability Oversight Council and the President’s Working Group on Financial Markets have identified stable coins and the spot market for crypto-assets as areas requiring formal regulatory authority.
Yellen’s call for regulation comes amidst growing concerns about the potential risks posed by stablecoins to the financial system, as well as the need to address consumer protection issues in the rapidly evolving crypto market.
