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27 July 2021

Janet Yellen: We Must 'Act Quickly' on Stablecoin Regulation - Decrypt

Janet Yellen: We Must 'Act Quickly' on Stablecoin Regulation - Decrypt

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Janet Yellen, the former chair of the Federal Reserve, is no fan of crypto.

Treasury Secretary Janet Yellen met with the heads of multiple federal agencies on Monday to discuss how to regulate stablecoins, a type of digital currency whose value is pegged to another currency.

Yellen, flanked by Federal Reserve Chair Jay Powell and Securities and Exchange Commission (SEC) Chair Gary Gensler, called together a closed meeting of the President's Working Group on Financial Markets (PWG).

Powell last week testified before Congress that stablecoins should be regulated, pointing to the fact that Tether is mostly backed by debts known as "commercial paper." Most of the time they're very liquid, but during financial crises, he said, "the market just disappears.

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