Nellie Liang, undersecretary for domestic finance at the Department of the Treasury, said lawmakers must enact legislation to reduce risks around stablecoins. Liang, formerly the top financial stability official at the Federal Reserve, said regulators are prepared to extend existing authorities to rein in stablecoins, but Treasury officials hope Congress will move on key legislation to regulate the space. A report issued by the Treasury Department in November also urged Congress to “act promptly” to bring additional oversight to stablecoins that match traditional financial institutions.”]
Source: https://www.cuinfosecurity.com/treasury-official-urges-congress-to-regulate-stablecoins-a-18161