Senator Pat Toomey is not pleased with the U.S. Treasury’s much-anticipated work on stablecoins.
In an October 7 letter to Treasury Secretary Janet Yellen, Toomey criticized the process behind a much-anticipated report on stablecoins from the President’s Working Group.
The PWG is a collective of U.S. financial regulators including the Treasury. They are currently working on a framework for regulating stablecoins, with Yellen driving the project. The Biden administration has been sounding the alarm on stablecoins with increasing vigor. The term “systemic risk” and comparisons to the wildcat banks of the 19th century have grown more common.
Toomey’s letter voiced concerns that the PWG has kept the pending framework behind closed doors and hasn’t sought enough input from the crypto industry and stablecoin operators.
“Since the PWG announced its stablecoin review, the administration has revealed very little about the process it is using to draft this report. It is my understandin
