Yellen Will Be Meeting With Regulators About Stablecoins

Yellen will be meeting with regulators about stablecoins. The aforementioned meeting will take place on July 19, 2021. Here are the details..

US Treasury Secretary Janet Yellen will meet with regulators on July 19 to assess the role of stablecoins in the financial system. In a statement made by the Treasury Department, it was stated that Janet Yellen plans to convene the Financial Markets Working Group (PWG), the Currency Supervisory Office along with the Federal Deposit Insurance Agency to discuss work on stablecoins. In the statement made by the Treasury, it was said that this meeting will be held on 19 July. Treasury Secretary Yellen said,"Bringing together regulators will allow us to evaluate the potential benefits of fixedcoins while reducing the risks they may pose to users, markets or the financial system." Treasury Secretary Yellen underlined that it is important for regulators to cooperate in regulating the sector, given the rapid growth in digital assets. On July 14, Federal Reserve (FED) Chairman Jerome Powell also stated in his presentation to the House of Representatives Financial Services Committee that there is a need for regulation before stablecoins became an important part of the financial system.