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Treasury report calls for stricter oversight of stablecoins
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economictimes.indiatimes.comstablecoins, a form of cryptocurrency that has soared in popularity in the past year. In a 22-page report issued Monday, the Treasury Department and several other regulators said the legislation should require that stablecoin issuers become banks, which would potentially subject them to a wide range of rules, including those requiring that banks hold sufficient cash reserves and implement measures to prevent money laundering and other illicit activities. «The absence of appropriate oversight presents risks to users and the broader system,» said Treasury Secretary Janet Yellen. «Current oversight is inconsistent and fragmented, with some stablecoins effectively falling outside the regulatory perimeter.»
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