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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