SEC Commissioner Expects Tighter Stablecoin Regulation — Yellen Says Stablecoins Not Real Threat to Financial Stability – Regulation Bitcoin News

Home » SEC Commissioner Expects Tighter Stablecoin Regulation — Yellen Says Stablecoins Not Real Threat to Financial Stability – Regulation Bitcoin News


A commissioner with the U.S. Securities and Change Fee (SEC) expects to see stricter regulation on stablecoins. Nevertheless, Treasury Secretary Janet Yellen says stablecoins are presently “not an actual risk” to the nation’s monetary stability.

SEC Commissioner on Stablecoin Regulation

The regulation of stablecoins has been a scorching subject this week following the Terra fiasco which noticed UST shedding its U.S. greenback peg and LUNA plunging to close zero.

A commissioner with the U.S. Securities and Change Fee (SEC), Hester Peirce, talked about cryptocurrency regulation Thursday throughout an occasion hosted by the London-based Official Financial and Monetary Establishments Discussion board coverage assume tank.

Peirce, who is understood within the crypto group as “crypto mother,” indicated that tighter laws on cryptocurrency, significantly stablecoins, may very well be coming quickly. She was quoted as saying:

One place we’d see some motion is round stablecoins … That’s an space that has clearly this week gotten a variety of consideration.

Lawmakers to Work With Treasury Division on Stablecoin Regulation

U.S. lawmakers have emphasised the pressing want for stablecoin regulation. In her testimony earlier than the Senate Committee on Banking, Housing, and City Affairs this week, Treasury Secretary Janet Yellen stressed that it will be significant and pressing for Congress to move laws governing cost stablecoins.

Yellen additionally testified earlier than the Home Monetary Providers Committee this week, stating that for stablecoins:

I wouldn’t characterize it at this scale as an actual risk to monetary stability, however they’re rising very quickly and so they current the identical form of dangers that we have now recognized for hundreds of years in reference to financial institution runs.

Each the Monetary Stability Oversight Council (FSOC) and the Federal Reserve Board have warned concerning the dangers of stablecoin runs that threaten the nation’s monetary stability.

Do you assume stablecoins ought to be regulated urgently? Tell us within the feedback part under.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.




Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It isn’t a direct provide or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, companies, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, straight or not directly, for any injury or loss induced or alleged to be attributable to or in reference to using or reliance on any content material, items or companies talked about on this article.





Source link

New Casinos
100% UP TO €300 +100 Free Spins
100% UP TO €300 +100 Free Spins
Up to 20% Cash Back Daily
Up to 20% Cash Back Daily
100% up to €/$200

CoinPriceChange

- Advertisement -