In July, Treasury Secretary Janet Yellen called on the President's Financial Markets Working Group (PWG) to expedite the development of stablecoin legislation.
The day before, she reiterated that fiat-backed digital assets need a regulatory framework. With the help of such tools, you can simplify payments and improve the efficiency of the financial system as a whole.
However, the state must ensure the transparency of transactions with stablecoins. The main danger is that their issuers will be able to concentrate more economic power in their hands. We need to minimize such risks and make secured digital currency developers obey regulators, Yellen said.
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Federal Reserve Chairman Jerome Powell is also a supporter of crypto regulation.
He also believes that the active use of stablecoins will improve the performance of the financial sector and increase the availability of banking services.
In parallel, the Fed wants to accelerate the development of the digital dollar. In the spring, Jerome Powell launched a public discourse on the American concept of CBDC.