Yellen: Swift action is needed to regulate the potential risks of stablecoins

Wu said blockchain learned that according to the official website of the U.S. Treasury Department, on July 19, Treasury Secretary Janet L. Yellen convened the Presidential Working Group on Financial Markets (PWG), and the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation also joined the meeting to discuss stablecoins. At the meeting, participants discussed the rapid growth of stablecoins, their potential use as a means of payment, and potential risks to end users, the financial system, and national security. Yellen emphasized the need to act quickly to ensure that an appropriate U.S. regulatory framework is in place. The group also heard a presentation from Treasury staff on the preparation of a stablecoin report, which will discuss its potential benefits and risks, the current U.S. regulatory framework, and recommendations for addressing any regulatory gaps. The PWG is expected to issue recommendations in the coming months. The Chairman of the Federal Reserve, the Chairman of the SEC, and others were present.