The US Treasury Department yesterday released a report on Stable Coins legislation that emphasized the need for government agencies to oversee the activities of Stables. The name of Teter and stable Coin Diem, which Facebook is going to release, can also be seen in the text of this report.
to the Report Coin Telegraph, the US Presidential Administration’s Financial Markets Working Group, has published a report stating that suppliers of stable coins should be controlled by government agencies like banks.
A new Treasury report released yesterday in collaboration with the Office of Foreign Exchange Control and the US Federal Deposit Insurance Corporation says the US Congress should “take action as soon as possible to convince officials that government agencies are well on stable payments.” “The Quinns are being monitored, and the way this monitoring works has a coherent and comprehensive basis.” The US government agencies that co-published the report said that the activities of stable coin suppliers should be in line with the standards of insured depository corporations, such as state and federal banks and asset savings associations; This is because these institutions protect their customers’ deposits and “limit the negative effects of the systems in the event of a bank failure.”
The report did not specify which government agencies should control stable currency and digital currencies, but said the Securities and Exchange Commission and the Commodity Futures Trading Commission had so far taken “extensive action, legislation and oversight” to They have dealt with the status of transactions and companies active in the field of digital currency. On the other hand, the Financial Markets Working Group of the Office of the President said that with the development of digital currency space, the risks related to stable coins may increase and in some cases their handling may be outside the authority of the Exchange Commission and the Commodity Futures Trading Commission.
The US Treasury Department report states:
Because stable coins are emerging financial assets and developing rapidly, legislation can increase the flexibility of regulators to anticipate future developments. [این بخش] Respond and deal with the dangers of different organizational structures.
Financial assets, also called paper assets, are assets whose value is determined based on their underlying assets.
The group of US government agencies that have worked together to report on the Stables has said that legislation in this area is “necessary to address the potential risks to the Stables”. The report also said that government agencies should continue to exercise their authority to address the dangers of digital currencies as Congress moves to pass legislation on the issue. The Office of the President’s Financial Markets Working Group recommends that if Congress does not succeed in legislating the Stables, the Financial Stability Oversight Council should step in and provide additional legal standards for the Stables.
The names of many stable coin suppliers and companies operating in the field of digital currency are mentioned in the treasury report. The Quinbase and Gemini exchanges, as well as the suppliers of Stablecoin Tetra, Paxos, and the Diem Association, are among the companies named in the Treasury report.
The Treasury report is being issued following the formation of a legal dispute between US government agencies. Gary Gensler, chairman of the US Securities and Exchange Commission, announced in September that both the Securities and Exchange Commission and the Commodity Futures Trading Commission would benefit from congressional input into the Stables Act, but the report Next, Bloomberg showed that the stock exchange commission has taken over the responsibility of legislating and supervising stable coins.