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Yellen Urges Regulators to Work with Congress on Stablecoins (1)

July 1, 2022, 12:22 AM

Treasury Secretary Janet Yellen is pressing key US financial regulators to work with House lawmakers to regulate stablecoins, according to a Biden administration official.

Yellen discussed the issue at a meeting on Thursday with top officials from the Federal Reserve, the Securities and Exchange Commission and other agencies. The group of regulators, which is known as the President’s Working Group on Financial Markets, put out a report last year calling for stablecoin issuers to be regulated like banks.

Read more: Stablecoin Risk Spurs U.S. Agencies to Seek Power for Crackdown

Washington policy makers have been struggling to respond to ...