US government to provide guidance on regulation of stablecoins

The Securities and Exchange Commission will receive new powers to work with stable digital coins(SEC) and the Futures Trading Commission (CFTC).

The US President's Financial Markets Working Group (PWG) this week will provide guidance on regulating the circulation of stablecoins in the country, Bloomberg reported, citing sources.

The PWG includes representatives of the Ministry of Finance, the Commission onFutures Trading (CFTC), the Securities and Exchange Commission (SEC), the Federal Reserve, and the Federal Deposit Insurance Corporation.

According to agency sources, the authority toregulation of stablecoins will receive the SEC. Gary Gensler, the head of the regulator, instructed on expanding the powers of the regulator. The PWG also proposed to Congress to approve a law that introduces measures to regulate stablecoins similar to those applied to bank deposits. The Futures Trading Commission will also receive certain powers over stablecoins.

In late September, the SEC chief compared stablecoins to poker chips. Then Gensler argued that private forms of money are short-lived, and the cryptocurrency industry resembles the Wild West.

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