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Here’s the response to Biden administration’s PWG report on stablecoins
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The much-awaited U.S. Treasury Department-led regulatory report has called for more regulations around stablecoins.
The President’s Working Group on Financial Markets (PWG) is of the view that “stablecoins could be more widely used in the future as a means of payment.”
It is in this context that Secretary of the Treasury Janet L. Yellen commented,
“Stablecoins that are well-designed and subject to appropriate oversight have the potential to support beneficial payments options. But the absence of appropriate oversight presents risks to users and the broader system.”
Yellen also called the current oversight “inconsistent and fragmented,” with the expectation to change that while working with members of the U. S Congress.
It’s worth noting,
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