![]() ![]() must “act quickly to ensure there is an appropriate U.S. Financial Stability Board, October 13, 2020 48 ) Average cost of sending. Treasury Secretary Janet Yellen has also voiced her concern about stablecoins in the past, saying in July the U.S. 5 Evolution of crypto terminology used by regulators ( Source OECD 2020. Suggesting greater regulation of the industry is required, Gensler had also said earlier this month stablecoins may enable bad actors to “sidestep” public policy goals. Securities and Exchange Commission chair Gary Gensler before the Senate Banking Committee, where he suggested that many cryptocurrencies - including stablecoins - are indeed securities. This report follows recent testimony this week from U.S. On April 21, 2023, the Financial Stability Oversight Council ('FSOC') issued two important proposals regarding the designation of a nonbank financial firm as a systemically important financial institution ('nonbank SIFI') under Section 113 of the Dodd-Frank Act ('DFA').The department also expressed concern over the stability of the crypto market if there were a widespread, fire-sale run in the industry, and that stablecoins are capable of scaling up incredibly quickly. Financial Stability Oversight Council: A Framework to Mitigate Systemic Risk Congressional Research Service Summary The Financial Stability Oversight Council (FSOC) was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA P.L. ![]() Making sure investors are able to transfer money in and out of tokens is a top priority of the treasury as it prepares to unveil the recommendations in the coming weeks, the sources said. ![]() Treasury is preparing a raft of recommendations for stricter oversight of Tether and other stablecoins, as unnamed insiders say the department has identified the greatest risks posed by the tokens, according to a recent Bloomberg report. The Chairperson turned to the first agenda item, the Council’s 2021 annual report. ![]()
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