The U.S. Securities and Exchange Commission (SEC) may have moved one step closer to achieving significant oversight on stablecoins.

• According to a Bloomberg article on Monday, which cited people familiar with the matter, a report expected this week by the U.S. Treasury Department and other agencies will indicate that the SEC has significant authority to regulate cryptos pegged 1:1 to fiat currency.
• The report will also ask Congress to detail how stablecoins should be regulated in the same way bank deposits are.
• Gary Gensler reportedly pushed for changes behind closed doors.
• Gensler is seeking to make clear the government will take a more active role in stablecoin regulation in the short-term while awaiting legislative changes in the long term, according to the report.

Read more: Gary Gensler Says Crypto Is a ‘Wild West.’ Others See Pure Capitalism