Extra, Extra Read All About - SEC to oversee Stablecoin regulation
Breaking news. Bloomberg has reported that the US SEC has won the 'battle of the regulators' to move forward as the main watchdog over Stablecoins. This comes just days after Tether paid a cool $41M penalty for not having adequate reserves US $ on hand reserves.
As you know Gary Gensler's SEC has been pushing for more control over the Wild Wild West of Crypto's, in the short-term that impact starts with Stablecoins and more long-term details have NOT been released yet. Recall just a few short weeks ago Gary informed us that his team has nearly 50 initiatives under development.
Bloomberg also hinted that the CFTC will have oversight duties of Stablecoins too as will the US Treasury dept. So, a 3-pronged approach on Day 1, wonder if they will create a net new Gov. organization to take on the freedoms that Crypto enable?
- a 3 agency response for Stablecoins, wondering what that means for those tokens that ICO'd back in the day? Interesting times my friends!
