{"id":358004,"date":"2021-10-26T06:06:18","date_gmt":"2021-10-26T03:06:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sec-expected-to-head-u-s-stablecoin-regulation-and-enforcement\/"},"modified":"2021-10-26T06:06:18","modified_gmt":"2021-10-26T03:06:18","slug":"sec-expected-to-head-u-s-stablecoin-regulation-and-enforcement","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sec-expected-to-head-u-s-stablecoin-regulation-and-enforcement\/","title":{"rendered":"# SEC expected to head U.S. stablecoin regulation and enforcement"},"content":{"rendered":"

“# SEC expected to head U.S. stablecoin regulation and enforcement <\/strong>”
\n<\/p>\n

U.S. regulatory bodies have reportedly agreed that the Securities and Exchange Commission (SEC) will lead the United States\u2019 efforts to regulate the stablecoin sector. <\/p>\n

According to an Oct. 26 Bloomberg report<\/a> citing anonymous sources \u201cfamiliar with the matter,\u201d the SEC has reached an agreement with other U.S. agencies to take the reins on proposing legislation and overseeing the stablecoin industry.<\/p>\n

The sources add that the SEC\u2019s newfound \u201csignificant authority\u201d over the sector will be formally announced in the Treasury Department\u2019s forthcoming stablecoin report that is scheduled to be published this week.<\/p>\n

The report will also clarify the regulatory jurisdiction of the Commodity Futures Trading Commission (CFTC) and Treasury Department with regard to stable tokens.<\/p>\n

The Treasury\u2019s report was announced<\/a> during a meeting of The President’s Working Group for Financial Markets (PWG) in July, with the PWG stating its intention to explore creating a new type of banking charter for stablecoin issuers among other regulatory measures at the time. <\/p>\n

The PWG comprises top representatives from top U.S. regulatory agencies, including Treasury Secretary Janet Yellen, SEC Chairman Gary Gensler, Federal Reserve Chairman Jerome Powell, and acting CFTC head Rostin Behnam.<\/p>\n

Bloomberg\u2019s sources claim that Gensler has been pushing for a further expansion in the SEC\u2019s regulatory domain over stablecoins, including allowing the commission to pursue enforcement actions against issuers. Gensler also reportedly sought to clarify what powers the SEC has to oversee stablecoin-based investment transactions. <\/p>\n

The report is also expected to call on Congress to enact similar regulations to those overseeing bank deposits for the stablecoin sector.<\/p>\n

Related: <\/em><\/strong>US Treasury says it must \u2018modernize and adapt\u2019 to digital currencies<\/em><\/strong><\/p>\n

Last month, Gensler called on Congress to assist the SEC and CFTC in regulating stablecoins, with Gensler likening the dollar-pegged assets to \u201cpoker chips at the casino.\u201d<\/p>\n

The stablecoin market has seen significant growth in 2021, and the market capitalization of leading stablecoin issuer Tether (USDT) has exploded this year, with its market cap growing<\/a> by 229% since the start of the year to sit at $69.5 billion.<\/p>\n

Second-ranked USD Coin has also seen meteoric growth, with its capitalization growing<\/a> 706% year to-date to tag $32.52 billion as of this writing.<\/p>\n