United States SEC will handle StableCoin regulation

The US regulators agreed to hand over the StableCoins regulation to the SEC from CFTC. 

As we know the regulation work on the StableCoins like USDC, USDT, BUSD is under the authority of the Commodities Future Trading Commission (CFTC). Now there are huge chances that the SEC authority will do their regulation experiment on StableCoins. 

The whole report is coming from Bloomberg. On 26 October, Bloomberg published a report. According to the report, SEC authorities fully agree with the US regulators body to impose new legislation and framework to regulate the StableCoins market. 

The report also claimed that there are huge chances that a new entity of the SEC will publish a report on this matter in the Treasury Department’s forthcoming. And the announcement may be done in the next week.

The report will also figure out the clarity & power from the point of view of the treasury & CFTC department on the Stablecoins to the SEC. 

However, a report by the US treasury department was published in June during the President’s Working Group for Financial Markets (PWG). Through the announcement, the department proposed an option to make a new banking charter for stablecoin issuers. 

Bloomberg reports also claimed that SEC chair Gary Gensler has been already working to expand the regulatory domain of the Securities and Exchange Commission authority to interfere in the regulation of StableCoins with SEC authority. 

SEC chair on StableCoins 

However, the current situation of SEC authority has no power to interfere in the matter of StableCoins regulation but still, SEC chair Gary Gensler stated that  about StableCoins and described it as “poker chips at the casino.” 

To criticize StableCoins, Gary was trolled by the crypto industry but later the crypto industry appreciated the statement of Gary Gensler where they stated that “SEC have no authority to ban crypto”. 

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