As US lawmakers grapple with how or whether to move forward with legislation to create new rules regarding cryptocurrencies in the country, the Securities and Exchange Commission (SEC) has filled in "regulatory gaps" identified by President Joe Biden's administration.
SEC Fills Gap From U.S. Cryptocurrency And Stablecoin Laws
While top US regulators, including Treasury Secretary Janet Yellen, have called for new laws to govern digital assets, SEC Chairman Gary Gensler, one of the industry's top regulators, told reporters that new laws are needed to regulate the space. He repeated that he had not seen it.
After testifying before the House Appropriations subcommittee, Gensler said: "If Congress takes action, I don't think we need these powers.
The lack of new laws left the SEC open to proactively regulating in new areas where it had not previously focused; these include stablecoins and firms that traditionally combine separate financial activities.
A new law that would set standards for stablecoins has been on the agenda of Congress since the collapse of Terra last spring.
*Not investment advice.