SEC commissioner expects tighter regulation on stable currency – Yellen says stable coins are not a real threat to financial stability – Bitcoin news regulations

SEC commissioner expects tighter regulation on stable currency – Yellen says stable coins are not a real threat to financial stability – Bitcoin news regulations

The commissioner at the US Securities and Exchange Commission (SEC) expects to see stricter regulation on stable coins. However, Finance Minister Janet Yellen says stable coins are currently “not a real threat” to the country’s financial stability.

SEC Commissioner for Stable Coin Regulation

The regulation of stable coins was a hot topic this week after the Terra fiasco in which the UST lost its link with the US dollar and the LUNA fell to almost zero.

The Commissioner of the American Securities and Exchange Commission (SEC), Hester Peirce, spoke about the regulation of cryptocurrencies on Thursday during an event organized by the London Forum of Official Monetary and Financial Institutions.

Peirce, who is known in the crypto community as “crypto mom”, pointed out that stricter regulations for cryptocurrencies, especially stable coins, could come soon. She was quoted as saying:

One place where we could see the movement is around stable coins … This is an area that has obviously attracted a lot of attention this week.

Legislators will cooperate with the Ministry of Finance on the regulation of stable coca

U.S. lawmakers have stressed the urgent need to regulate stable coins. In her testimony before the Senate Committee on Banking, Housing and Urban Affairs this week, Finance Minister Janet Yellen under stress that it is important and urgent for Congress to pass a law regulating the payment of stable chickens.

Yellen also testified before the House Financial Services Committee this week, noting that for stable coins:

I would not characterize it on this scale as a real threat to financial stability, but they are growing very fast and represent the same kind of risks that we have known for centuries regarding banking.

Both the Financial Stability Board (FSOC) and the Federal Reserve Board have warned on the risks of stable coins that threaten the country’s financial stability.

Do you think that stable coins need to be regulated urgently? Let us know in the comments section below.

SEC commissioner expects tighter regulation on stable currency – Yellen says stable coins are not a real threat to financial stability – Bitcoin news regulations

Kevin Helms

A student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of Bitcoin, open source systems, network effects and the crossroads between economics and cryptography.




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