(MENAFN) US Treasury Secretary Janet Yellen called on regulatory agenda for stablecoins, cryptocurrencies were made to be secured from instability.
The Treasury Department stated in an announcement on Thursday that "Secretary Yellen highlighted the need to continue to constructively engage in serious legislative efforts to promptly put in place a regulatory framework for stablecoins that would address current and future risks."
Such dangers included security, customer safety as well as payment methods in stablecoins and the cryptocurrency market.
Yellen encountered with leader Joe Biden's Working Group on Financial Markets, on top of the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation as well as the Consumer Financial Protection Bureau.
The announcement also mentioned that "Secretary Yellen emphasized how recent events have underscored the urgent need to ensure that stablecoin arrangements are subject to a federal framework on a consistent and comprehensive basis."
Yellen's remarks launched amid two stablecoins in the near past, TerraUSD plus USDD, fell under their US dollar pegs.
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