U.S. securities regulators are expected to take a key role in policing exchanges trading cryptocurrencies like Tether, as traders and investors try their luck with this nascent currency without the backing of banks or governments.,
The “sources us sec tether” is a cryptocurrency that has been in the news recently. The U.S. Securities and Exchange Commission (SEC) is expected to have the key role in policing stablecoins like Tether because of its potential for fraud.
Bloomberg has claimed, citing unidentified sources, that the US Securities and Exchange Commission (SEC) is likely to take the lead in developing regulations and monitoring the stablecoin industry.
A report anticipated this week from the US Treasury Department and other agencies would also urge Congress to approve legislation declaring that stablecoins should be regulated similarly like bank deposits, according to persons “close with the situation.”
Financial Markets Working Group of the President
While the SEC, CFTC, and Treasury all refused to comment on the upcoming report, the leaked material implies that it will also reinforce the role of the Commodity Futures Trading Commission (CFTC) in supervising the industry.
The report is being prepared by the President’s Working Group on Financial Markets, which includes Secretary of the Treasury Janet L. Yellen, Federal Reserve Chairman Jerome Powell, SEC Chairman Gary Gensler, and CFTC Chairman Rostin Behnam, as well as head representatives from the country’s main regulatory agencies.
The upcoming recommendations, which will detail how the Biden administration will regulate the sector across multiple agencies, were announced at the group’s July meeting, during which Yellen emphasized the importance of “acting quickly to ensure there is an appropriate US regulatory framework in place.”
More authority was sought by Gensler.
“Language was added to underscore the SEC’s authority after the agency’s chief, Gensler, pressed for revisions behind closed doors,” Bloomberg learned from individuals familiar with the group’s private deliberations.
The two major market authorities, the SEC and the CFTC, would both gain from the Congress in terms of regulation and enforcement for stablecoins, according to Gensler, who previously likened stablecoins to casino chips.
While the article claims that Gensler has successfully advocated for additional regulatory control over US dollar-backed assets like as Tether (USDT) and USD Coin (USDC), other industry insiders and investors believe that the heightened scrutiny will help decentralized stablecoin growth.
Stablecoins are being pursued by the SEC…
This will assist stables like $mim and $ust. https://t.co/7THvtQtgIB
October 25, 2021 — Lark Davis (@TheCryptoLark)
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The “sources treasury sec tether” is a cryptocurrency that is used to facilitate trading in the financial world. The U.S. SEC is expected to have a key role in policing these coins, as they are considered securities by the SEC.
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