Cryptocurrencies
Treasury Official Says the Need for Stablecoin Legislation Is ‘Urgent’
- She says that firms offering the coins should face bank rules
- Liang says ‘urgent’ need for congressional action on issue
Nellie Liang
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
Technology companies that aren’t licensed as banks shouldn’t offer crypto stablecoins, according to U.S. Treasury Undersecretary for Domestic Finance Nellie Liang.
Liang told lawmakers on the House Financial Services Committee that firms issuing the tokens to let people pay for goods and services should face the heightened scrutiny that lenders receive under U.S. rules. Her comments come after Meta Platforms Inc.’s Facebook last month abandoned plans for a stablecoin project that drew fierce opposition from Washington.