![]() ![]() must “act quickly to ensure there is an appropriate U.S. Treasury Secretary Janet Yellen has also voiced her concern about stablecoins in the past, saying in July the U.S. Suggesting greater regulation of the industry is required, Gensler had also said earlier this month stablecoins may enable bad actors to “sidestep” public policy goals. Securities and Exchange Commission chair Gary Gensler before the Senate Banking Committee, where he suggested that many cryptocurrencies - including stablecoins - are indeed securities. This report follows recent testimony this week from U.S.The department also expressed concern over the stability of the crypto market if there were a widespread, fire-sale run in the industry, and that stablecoins are capable of scaling up incredibly quickly. On April 21, 2023, the Financial Stability Oversight Council ('FSOC') issued two important proposals regarding the designation of a nonbank financial firm as a systemically important financial institution ('nonbank SIFI') under Section 113 of the Dodd-Frank Act ('DFA'). And next month, the Financial Stability Oversight Council will issue a report on the financial stability risks of digital assets and regulatory gaps. ![]() Making sure investors are able to transfer money in and out of tokens is a top priority of the treasury as it prepares to unveil the recommendations in the coming weeks, the sources said.Treasury is preparing a raft of recommendations for stricter oversight of Tether and other stablecoins, as unnamed insiders say the department has identified the greatest risks posed by the tokens, according to a recent Bloomberg report. Recent developments show that stablecoins are anything but stable, as exemplified by the crash of TerraUSD and the temporary de-pegging of Tether. Start Preamble AGENCY: Financial Stability Oversight Council.
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