US Treasury Report to Give SEC Oversight on Stablecoins: Report

The U.S. Securities and Exchange Commission (SEC) may have moved one step closer to achieving significant oversight on stablecoins.

  • According to a Bloomberg article on Monday, which cited people familiar with the matter, a report expected this week by the U.S. Treasury Department and other agencies will indicate that the SEC has significant authority to regulate cryptos pegged 1:1 to fiat currency.
  • The report will also ask Congress to detail how stablecoins should be regulated in the same way bank deposits are.
  • Gary Gensler reportedly pushed for changes behind closed doors.
  • Gensler is seeking to make clear the government will take a more active role in stablecoin regulation in the short-term while awaiting legislative changes in the long term, according to the report.

Read more: Gary Gensler Says Crypto Is a ‘Wild West.’ Others See Pure Capitalism

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