SEC Commissioner Expects Tighter Stablecoin Regulation — Yellen Says Stablecoins Not Real Threat to Financial Stability – Regulation Bitcoin News
A official with the U.S. Protections and Exchange Commission (SEC) hopes to see stricter guideline on stablecoins. Notwithstanding, Treasury Secretary Janet Yellen says stablecoins are presently “not a real threat” to the country’s monetary stability.
SEC Commissioner on Stablecoin Regulation
The guideline of stablecoins has been an interesting issue this week following the Terra disaster which saw UST losing its U.S. dollar stake and LUNA plunging to approach zero.
A chief with the U.S. Protections and Exchange Commission (SEC), Hester Peirce, discussed cryptographic money guideline Thursday during an occasion facilitated by the London-based Official Monetary and Financial Institutions Forum strategy think tank.
Peirce, who is referred to in the crypto local area as “crypto mom,” showed that more tight guidelines on digital currency, especially stablecoins, could come soon. She was cited as saying:
One place we could see some development is around stablecoins … That’s a region that has clearly this week gotten a ton of attention.
Lawmakers to Work With Treasury Department on Stablecoin Regulation
U.S. legislators have underlined the earnest requirement for stablecoin guideline. In her declaration before the Senate Committee on Banking, Housing, and Urban Affairs this week, Treasury Secretary Janet Yellen focused on that it is significant and dire for Congress to pass regulation administering installment stablecoins.
Yellen additionally affirmed before the House Financial Services Committee this week, expressing that for stablecoins:
I couldn’t describe it at this scale as a genuine danger to monetary steadiness, yet they’re developing quickly and they present the very sort of dangers that we have known for quite a long time regarding bank runs.
Both the Financial Stability Oversight Council (FSOC) and the Federal Reserve Board have cautioned about the dangers of stablecoin runs that undermine the country’s monetary stability.
Do you think stablecoins ought to be managed desperately? Tell us in the remarks area below.
Kevin Helms
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