In the battle to regulate stablecoins, the Securities and Exchange Commission may be victorious. Additional clarity on the demarcation of regulatory mandates between the SEC, Commodity Futures Trading Commission and the Treasury Department could come from the President’s Working Group for Financial Markets’ (PWG) report that was expected by the end of October but failed to arrive before the end of last week. It is unclear how the mandate to regulate cryptocurrency in the United States has been distributed among a variety of players. One PWG report may not be enough. However, it would still be beneficial to have major government players draw lines between each other.

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