Regulators Plot Plan B for Stablecoin Rules If Congress Fails
- U.S. watchdogs weighing crypto rule options, FSOC report says
- Annual report issued Friday also flags climate-change dangers
A key group of financial overseers said it will take action to rein in stablecoins if Congress fails to pass comprehensive legislation to regulate the tokens, the latest sign that the U.S. government is becoming increasingly alarmed by threats cryptocurrencies pose to the financial system.
Digital assets are some of the top concerns outlined by the Financial Stability Oversight Council in its annual report published on Friday, which also highlighted the dangers posed by climate change, meme stocks and vulnerabilities exposed by the failure of Archegos Capital Management. The council -- a panel including all the heads of the U.S. financial agencies -- is ramping up again this year after remaining largely dormant during the Trump administration.