New powers to work with stable digital coins will receive the Securities and Exchange Commission (SEC) and the Commission for Futures Trading (CFTC)
The PWG includes representatives from the Treasury Department, the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), the Federal Reserve System, and the Federal Deposit Insurance Corporation.
According to the agency's sources, the SEC will receive the authority to regulate stablecoins. Gary Gensler, the head of the regulator, instructed on expanding the powers of the regulator. The PWG also proposed to Congress to approve a law that introduces measures to regulate stablecoins similar to those applied to bank deposits. The Futures Trading Commission will also receive certain powers over stablecoins.
In late September, the SEC chief compared stablecoins to poker chips. Then Gensler argued that private forms of money are short-lived, and the cryptocurrency industry is reminiscent of the Wild West.