According to media reports, the US Securities and Exchange Commission (SEC) has reached an agreement with regulators and will take over the oversight of the US stablecoin market.
According to the Bloomberg publication, citing anonymous sources familiar with the situation, the US Treasury Department will submit a report this week announcing the SEC’s authority to regulate the stablecoin market. The report will also clarify the role of the Commodity Futures Trading Commission (CFTC) and the US Treasury in regulating the stablecoin market.
According to anonymous sources, paragraphs were added to the report highlighting the expansion of the SEC’s powers to regulate stablecoins, including enforcement actions against issuers, which SEC chairman Gary Gensler insisted on. The amendments that Gensler sought indicate that the government will play an active role in regulating stablecoins in the future.
Regulators will also urge the US Congress to pass a stablecoin regulation similar to the one that regulates bank deposits. The stablecoin industry is likely to be negatively impacted by successful lobbying for Gensler’s initiatives as the SEC takes a tough stance on the cryptocurrency market.
Against the background of the growth of the stablecoin market, financial regulators are actively developing rules for the supervision and regulation of this segment of the cryptocurrency industry. So, this month, the Financial Action Task Force on Money Laundering (FATF) prepared recommendations on the regulation of cryptocurrencies, including stablecoins.