US Treasury to Say SEC Can Regulate Stablecoins: Report

SEC Chairman Gary Gensler wants more authority before Congress works out how best to regulate the cryptocurrencies.

By Sebastian Sinclair

Oct 25, 2021 at 11:26 p.m. UTC

Updated Oct 26, 2021 at 1:14 p.m. UTC

SEC Chairman Gary Gensler (Evelyn Hockstein/Getty Images) — Gary Gensler (Evelyn Hockstein/Getty Images)

Sebastian Sinclair

Sebastian Sinclair is a CoinDesk news reporter based in Australia.

Follow @Sebsinclair1989 on Twitter

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 from the U.S. Treasury Department and other agencies will indicate that the SEC has significant authority to regulate stablecoins, which are the cryptocurrencies 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.
SEC Chairman Gary Gensler reportedly pushed for changes.
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.

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