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SEC Gets Path to Rein In Stablecoins as U.S. Weighs New Rules

  • Behind the scenes, Wall Street agency has pushed for key role
  • Some U.S. officials want to saddle tokens with bank rules
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SEC's Gensler Signals No Interest in Crypto Ban

Wall Street’s top watchdog won concessions in a debate between U.S. regulators over how to police stablecoins, clearing a path for the Securities and Exchange Commission to crack down on the $131 billion market.

The Treasury Department and other agencies will specify in a highly-anticipated report -- expected to be published this week -- that the SEC has significant authority over tokens like Tether, said people familiar with the matter. The report will also urge Congress to pass legislation specifying coins should be regulated similarly to bank deposits, one of the people said, asking not to be named because discussions are private.