The US authorities will expand the SEC’s powers to regulate stablecoins

Thus, they want to strengthen the department's role in the control over the crypto industry

26.10.2021 - 10:55

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What's new? The U.S. Securities and Exchange Commission (SEC) is going to assume most of the authority to regulate the stablecoin market. This is reported by Bloomberg with reference to knowledgeable sources.

Material on the Bloomberg website

What are the authorities' intentions? According to the agency’s interlocutors, the US government intends to strengthen the agency’s role in regulating the crypto industry by expanding the SEC’s powers. This, in particular, has been insisted by SEC chairman Gary Gensler. He wants the commission to be allowed to impose restrictions on the issuers of stablecoins.

Officially, the Ministry of Finance has to provide information about the transfer of powers to regulate stablecoins to the SEC this week, Bloomberg's interlocutors added.

What had happened before? In early October, Gensler said that stablecoins represent a system-wide risk. Their number has grown 10 times over the past year, and the SEC’s head considers them “chips for poker in crypto casino”.

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