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Home Business US Treasury Secretary reaffirms need for stablecoin regulation following UST crash

US Treasury Secretary reaffirms need for stablecoin regulation following UST crash

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United States Treasury Secretary declares need for stablecoin policy following UST crash

United States Secretary of the Treasury Janet Yellen called on U.S. legislators to establish a “consistent federal structure” on stablecoins to address threats to financial stability.In a Tuesday

hearing of the Senate Banking Committee on the Financial Stability Oversight Council Annual Report to Congress, Yellen repeated her previous position requiring a regulative structure on stablecoins, citing a November report from the President’s Working Group on Financial Markets. In addition, the Treasury Secretary talked about TerraUSD (UST), the third-largest stablecoin by market capitalization, dropping to $0.67 in the last 24 hours.

“I think [the circumstance with TerraUSD] just shows that this is a rapidly growing item and that there are threats to financial stability and we need a structure that’s proper,” stated Yellen.

Addressing questions to Yellen, Pennsylvania Senator Pat Toomey likewise pointed out that UST was an algorithmic stablecoin, “not backed by money or securities.” The Treasury Secretary included it would be “extremely appropriate” to intend for a “constant federal framework” on stablecoins by the end of 2022 offered the growth of the marketplace. She called for bipartisanship among members of Congress to enact legislation for such a framework.

U.S. Treasury Secretary Janet Yellen attending to members of the Senate Banking Committee on Tuesday

In her written statement for the hearing, Yellen stated the Financial Stability Oversight Council was working on a report in compliance with United States President Joe Biden’s executive order on digital properties, identifying prospective dangers to financial stability in addition to any spaces in regulative oversight. The order called for numerous federal government agencies to collaborate and combine policy as part of efforts to develop a nationwide framework on crypto.Related: Secretary Yellen acknowledges’advantages of crypto’ despite remaining suspicion Acting As Treasury Secretary in the Biden administration given that January 2021, Yellen has actually formerly said cryptocurrencies represent a”specific issue “for the government department, associating many token jobs with” illicit funding” and cash laundering. Many of her recent public declarations on policy worrying the crypto space seem to have focused on stablecoins and developing an appropriate regulatory framework.Published at Tue, 10 May 2022 16:34:41 +0000

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