SEC Chair Says "Stablecoins Fall Under the Jurisdiction of Banking Regulators"

Minseung Kang

Summary

Paul Atkins, SEC Commissioner, stated that stablecoins fall under the jurisdiction of banking regulatory agencies, not the SEC.
It was reported that the United States Congress recently passed a bill regulating dollar-based stablecoins.
This is interpreted as part of a move to clarify regulatory authority.

Paul Atkins, Commissioner of the U.S. Securities and Exchange Commission (SEC), stated that stablecoins fall under the jurisdiction of banking regulatory agencies rather than the SEC.

According to O'Daily, a media outlet specializing in virtual assets (cryptocurrencies), on the 18th (local time), Paul Atkins, SEC Commissioner, said, "Stablecoins are essentially an area that should be supervised by banking regulators."

This comes as the United States Congress recently passed a bill regulating dollar-based stablecoins, seen as part of a move to clarify regulatory authority.