In the statement made by the US Treasury Department, it was reported that the Financial Markets Working Group has published its report and recommendations on fixedcoins.
Pointing out that fixedcoins may be used more widely as a means of payment by households and businesses in the future, it was noted that this potential brings along a series of concerns about disruptions in the payment system and concentration of economic power.
In the report, it was stated that stablecoins could also raise concerns about investor protection, market integrity and illegal finance.
The report urged Congress to take swift action to enact comprehensive federal oversight of the risks of fixedcoins, and stated that the regulation should require that the issuers of fixedcoins be insured custodians in order to address the risks to fixedcoin users.
To address concerns about payment system risk, the report emphasized that in addition to regulations for stablecoin issuers, custody wallet providers should be subject to appropriate federal oversight.
On the subject, US Treasury Secretary Janet Yellen noted that well-designed and properly supervised stablecoins have the potential to support useful payment options.
Noting that the lack of proper oversight would pose risks to users and the system, Yellen said, “Current oversight is inconsistent and fragmented, with some stablecoins falling outside the regulatory framework.” made its assessment.
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