SEC chief Gary. Gensler said that cryptocurrencies that are pegged to the value of traditional financial assets are subject to securities laws. It should be noted that not only stablecoins are considered as securities, but also tokenized shares.
“It doesn’t matter if it’s a stock token, a security-backed stable value token, or any other virtual product that provides access to underlying securities,” said the head of the US Securities and Exchange Commission.
US Treasury Secretary Janet Yellen also spoke about the need to quickly create a regulatory framework for stablecoins during a meeting of the presidential working group on financial markets.
The head of the SEC commented that all centralized and decentralized platforms must operate within the framework of securities laws.