Biden administration looking to bank regulation to solve the stablecoin clarity
The WSJ report claimed that the Biden administration is looking to consider the draft legislation of the Congress over StableCoin companies.
As we know crypto adoption is Increasing just like the stock market system. But beside all these adoption of the crypto market, StableCoins are playing a vital role to ensure the stability of the value of funds of crypto Investors at the crypto platforms. So here regulation on the stablecoins issuer firm is the biggest task for now.
A report of the Wall Street Journal was revolving in the crypto industry on 1 October regarding the Biden’ team on regulation framework to provide clarity for StableCoin issuers.
According to WSJ, the Biden administration is most expected to choose the legislation draft of Congress, which was specially prepared for the StableCoins issuers.
It is worth to notice, recent news we covered, where the US treasury talked about the potential risks associated with the StableCoins and also suggested a regulatory framework on the Stablecoins for the Federal Reserve.
Related: Crypto Money Laundering Restriction Is A Big Need : US Treasury Nominee
And also recently, Gary Gensler, Acting Comptroller of the Currency Michael Hsu (OCC) and Securities and Exchange Commission (SEC), stated on the crypto and stablecoins. On speaking about the StableCoins, Gary said that stablecoins the “poker chips” at the casino-like platforms of the crypto “Wild West.”
While the previous Comptroller of OCC, Brian Brooks, suggested handing over the custody of StableCoins to the Banks and also said that Banks can use StableCoins for the remittances settlements easily.
Read also: El Salvador Have Started Mining Bitcoin through green energy
