U.S. tax authorities meet to discuss the future impact of stablecoins

US Treasury Secretary Janet L. Yellen announced plans to establish the President’s Working Group on Financial Markets (PWG) and the Office of the Comptroller of the Currency and the Deposit Insurance Corporation. Federation to discuss possible interdisciplinary work in connection with stablecoins. The meeting is scheduled for Monday, July 19.

Minister Yellen said:

“Bringing regulators together will allow us to assess the potential benefits of stablecoins while minimizing the risk they can pose to users, markets or the financial system. With the rapid growth of digital assets, it is important that the authorities cooperate in formulating the regulation of the area and developing recommendations for new authorities. “

In December 2020, PWG announced that it would begin reviewing current stablecoins regulations to identify and address risks related to the technology.

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The announcement of the meeting comes two days after Federal Reserve Chairman Jerome Powell addressed the House of Representatives about the need for stricter regulations on stablecoins. Powell stated that regulation is needed if stablecoins are to become part of the payments universe.

A bipartisan bill was tabled in the House of Representatives yesterday to provide clear definitions of assets such as digital tokens and other emerging technologies under applicable securities laws. The Securities Clearing Act would apply equally to all assets, whether physical or digital, and would stipulate that the assets of the investment contract are segregated and segregated from the offered assets that it may make available