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Crypto Community Smarts at US Regulators ‘Fear-mongering’ Stablecoins Report
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A joint call from the United States Treasury Department, the Federal Reserve, and financial regulators for Congress to grant them power over stablecoins and their issuers has drawn a decidedly mixed reaction from the crypto community.
The government bodies, who produced the Report on Stablecoins from the President’s Working Group, appear to have made good on repeated pledges from the Securities and Exchanges Commission Chairman Gary Gensler. The latter has called stablecoins akin to “poker chips” at a “casino table,” and likened the scene to the “Wild West.”
In the report, the group wrote that “the rapid growth of stablecoins increases the urgency of this work.” They warned that “failure to act risks [the] growth of payment stablecoins
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