<span style="font-weight: 400">In accordance with a Bloomberg <a href="https://www.bloomberg.com/news/articles/2021-10-25/sec-gets-path-to-rein-in-stablecoins-as-u-s-weighs-new-rules?sref=323RPL5z" target="_blank" rel="nofollow noopener">report</a> shared on October 26, citing anonymous sources, the SEC has recently reached an agreement with the other agencies of the United States to regulate Stablecoins. The regulatory bodies of the United States have come to an agreement that the Securities and Exchange Commission of the US will be leading the efforts to regulate the sector dedicated to stablecoin.</span>
<h2><span style="font-weight: 400">United States Regulatory Agrees that SEC will Lead Efforts to Regulate Stablecoin </span></h2>
<span style="font-weight: 400">According to the sources cited by Bloomberg, the recently found significant authority of the SEC over the sector will be formally announced in the forthcoming stablecoin report of the Treasury Department that is all set to be published this week.</span>

<span style="font-weight: 400">It should be noted that the report will be clarifying the regulatory jurisdiction of the Commodity Futures Trading Commission (CFTC) and Treasury Department with regard to stable tokens.</span>

<span style="font-weight: 400">As per the report, it was announced during a meeting of The President’s Working Group for Financial Markets (PWG) in the month of July, with the PWG stating its intention to explore the creation of a new type of banking charter for stablecoin issuers among the regulatory measures.</span>
<h2><span style="font-weight: 400">Gary Gensler Calls on Congress to Assist the CFTC</span></h2>
<span style="font-weight: 400">In addition to this, it should be noted that last month, <a href="https://www.cryptoknowmics.com/news/gary-gensler-explains-why-the-sec-approved-a-bitcoin-futures-etf/">Gary Gensler</a>, the chairperson of the Securities and Exchange Commission of the United States called on Congress to assist the SEC and CFTC in regulating stablecoins. </span>

<span style="font-weight: 400">Well, there is no denying the fact that the <a href="https://www.cryptoknowmics.com/news/stablecoins-must-be-properly-cash-backed-and-regulated-cynthia-lummis/">stablecoin</a> market has witnessed significant growth in the year 2021, and the market cap of Tether, the leader of the stablecoin market, has clearly exploded this year, with its market capitalization growing by around 229% since the beginning of this year to sit at the mark of $69.5 billion.</span>

<span style="font-weight: 400">USDC, the second in line has also seen a notable surge in its capitalization as it soared to 706% to touch the $32.52 billion mark.</span>

SEC to Lead the Efforts of the United States to Regulate the Stablecoin Sector

The SEC (Securities and Exchange Commission) has reached an agreement with the other agencies of the United States to regulate the Stablecoin market.

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.

SEC to Lead the Efforts of the United States to Regulate the Stablecoin Sector

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