Yellen Calls For Fast U.S. Adoption Of Stablecoin Rules

Share post:

On Monday, U.S. Treasury Secretary Janet Yellen told regulators that the government must establish a regulatory framework for stablecoins, a growing class of digital currencies, as soon as possible.

A group of regulators is planning to publish proposals over the next few months to address gaps around stablecoins according to the Treasury Department.

The group also discussed the rapid growth of stablecoins, which are essentially cryptocurrencies that try to peg their value to a conventional currency like the dollar.

Regulators discussed their potential uses and risks for users and the financial system.

Fed Chairman Jeremy Powell told lawmakers that stable currencies are growing very fast, but pointed out that they lack adequate regulation.

For more information, read the original story in Reuters.

Featured Tech Jobs


Related articles

Polygon launches database to show crypto value

Polygon, an Ethereum Layer 2 scaling solution, has developed a database known as The Value Prop to show...

Nvidia’s CTO says cryptocurrency is “useless” for society

Nvidia has declared that cryptocurrencies offer "nothing useful for society", despite its powerful processors selling in vast quantities...

Crypto winter presents difficulties for Bitcoin ATM operators

The cryptocurrency market has been experiencing a significant downturn, also known as "crypto winter," and operators of bitcoin...

New FTX CEO plans to revive bankrupt FTX

The bankrupt cryptocurrency exchange FTX is considering resuming operations, according to Chief Executive Officer John Ray. Mr. Ray stated...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways