During a Senate hearing, SEC Chair Gary Gensler revealed his ideas on a wide-ranging view of potential regulatory frameworks for digital coins. He believes that stablecoins have a chance to be recognized as a security.
The comments come as the Treasury Department works with other federal agencies to draft a report by next month on potential rules for stablecoins, a form of virtual assets that are pledged to a commodity or coin-like USD.
New rules could bring help from a giant participant of the sphere, Facebook’s (FB) David Marcus. He headed the tech giant’s soon-to-launch wallet named Novi. Moreover, he is a member of the Diem Association, a coalition of corporate and non-profit members that collaborate to launch a stablecoin called Diem. These coins will be swapped over the new digital wallet from the social media giant.
