According to the report of US President Joe Biden’s Financial Markets Working Group, if US lawmakers do not act, regulators will take their own action.
The highly anticipated report from the US regulator stated that lawmakers should supervise stablecoin issuers in the same way as banks.
The Financial Markets Working Group stated that Congress should regulate wallet providers by a federal agency and limit the interactions of stablecoin issuers with non-financial companies such as technology or telecom providers.
The report is seen as another attempt by regulators to mitigate risks in the crypto industry. Despite all this, there continues to be explosive growth in stablecoins and cryptoassets.
Details are coming…