Treasury Secretary Janet Yellen has just announced her plan to convene multiple financial regulators in order to discuss stablecoins on July 19:
Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system.
She added that it was important for multiple agencies to work together in order to regulate digital assets due to their rapid growth:
In light of the rapid growth in digital assets, it is important for the agencies to collaborate on the regulation of this sector and the development of any recommendations for new authorities.
This comes after Federal Reserve Chair Jerome Powell raised concerns over unregulated stablecoins during his July 15 hearing.
In January, Yellen said that cryptocurrencies were “a particular concern” due to their illegal use cases during her confirmation hearing.
In February, she doubled down on her criticism by slamming Bitcoin as “extremely inefficient.”