The US to develop legislation for stablecoins

by in Cryptocurrency News

Janet Yellen

Federal Reserve Chairman Jerome Powell this week announced the need to regulate digital currencies backed by fiat money.

The appeal of the American regulator was heard at the Ministry of Finance. It became known yesterday that the country's financial department will create an expert group that will develop a regulatory framework for stablecoins.

Finance Minister Janet Yellen announced that the group is going to include representatives from several US departments, including the presidential commission on financial markets, the Treasury, the Office of Foreign Exchange Control, and the Federal Deposit Insurance Corporation.

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According to Yellen, the work of the group should start already next week. The first meeting on crypto regulation will take place this coming Monday, July 17th.

The head of the Ministry of Finance emphasized: "With the explosive growth of the digital asset market, agencies must cooperate to regulate the sector and provide guidance to new authorities."