The study is besides expected to clarify the regulatory jurisdiction of the Treasury Department CFTC with regards to unchangeable tokens.
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U.S. regulatory bodies person reportedly agreed that the Securities and Exchange Commission (SEC) volition pb the United States’ efforts to modulate the stablecoin sector.
According to an Oct. 26 Bloomberg report citing anonymous sources “familiar with the matter,” the SEC has reached an statement with different U.S. agencies to instrumentality the reins connected proposing authorities and overseeing the stablecoin industry.
The sources adhd that the SEC’s newfound “significant authority” implicit the assemblage volition beryllium formally announced successful the Treasury Department’s forthcoming stablecoin study that is scheduled to beryllium published this week.
The Treasury’s study was announced during a gathering of The President's Working Group for Financial Markets (PWG) successful July, with the PWG stating its volition to research creating a caller benignant of banking charter for stablecoin issuers among different regulatory measures astatine the time.
The PWG comprises apical representatives from apical U.S. regulatory agencies, including Treasury Secretary Janet Yellen, SEC Chairman Gary Gensler, Federal Reserve Chairman Jerome Powell, and acting CFTC caput Rostin Behnam.
Bloomberg’s sources assertion that Gensler has been pushing for a further enlargement successful the SEC’s regulatory domain implicit stablecoins, including allowing the committee to prosecute enforcement actions against issuers. Gensler besides reportedly sought to clarify what powers the SEC has to oversee stablecoin-based concern transactions.
The study is besides expected to telephone connected Congress to enact akin regulations to those overseeing slope deposits for the stablecoin sector.
Last month, Gensler called connected Congress to assistance the SEC and CFTC successful regulating stablecoins, with Gensler likening the dollar-pegged assets to “poker chips astatine the casino.”
The stablecoin marketplace has seen important maturation successful 2021, and the marketplace capitalization of starring stablecoin issuer Tether (USDT) has exploded this year, with its marketplace headdress growing by 229% since the commencement of the twelvemonth to beryllium astatine $69.5 billion.
Second-ranked USD Coin has besides seen meteoric growth, with its capitalization growing 706% twelvemonth to-date to tag $32.52 cardinal arsenic of this writing.