As officials begin to pay more attention to the rapidly expanding class of digital currencies, US Treasury Secretary Janet Yellen said Friday that she will meet with regulators tomorrow to discuss “mid-agency collaboration” on stablecoins.
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On Monday, the Leader’s Financial Markets Working Cluster will meet with the Currency Supervisory Office and the Federal Deposit Insurance Agency to discuss the benefits and risks of stablecoins, a type of cryptocurrency pegged to more classic assets such as fiat.
As we have reported before, Yellen used the following terms in her statement:
As new consumer options emerge and gain popularity, politicians, Federal Reserve officials and other regulators are therefore closely scrutinizing stablecoins and other digital payment alternatives.
According to the Treasury, the working cluster will “examine the current stablecoin arrangement, identify risks and develop proposals to address those risks. However, the cluster plans to publish written recommendations in the coming months.
During congressional hearings this week, Fed Leader Jerome Powell stated that stablecoins are growing “incredibly fast,” but he voiced his alarm about the lack of adequate regulation. Powell said: