The U.S. Securities and Exchange Commission (SEC) may have moved one step closer to achieving significant oversight on stablecoins.

According to a Bloomberg article on Monday, which cited people familiar with the matter, a report by the U.S. Treasury Department and other agencies will indicate that the SEC has significant authority to regulate cryptos like Tether that are pegged 1:1 to fiat currency.

The report will also ask Congress to detail how stablecoins should be regulated in the same way bank deposits are.

Gary Gensler reportedly pushed for changes behind closed doors, per the report.

Read more: Gary Gensler Says Crypto Is a ‘Wild West.’ Others See Pure Capitalism

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