SEC said stricter regulation of stablecoins after the UST collapse
In this, SEC Commissioner Hester Peirce believes that the regulatory framework for stablecoins should leave “room for there to be failure”
13.05.2022 - 12:35
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In this, SEC Commissioner Hester Peirce believes that the regulatory framework for stablecoins should leave “room for there to be failure.”
What’s new? The US Securities and Exchange Commission (SEC) may tighten regulation of stablecoins following the collapse of TerraUSD (UST) and the temporary fall of Tether (USDT). According to Commissioner Hester Peirce, the regulator has the ability to include in its powers the development of rules for digital currencies and the platforms on which they are traded. In doing so, she noted the potential for stablecoins to be used in market-based systems. This is reported by Reuters.
What else did Peirce say? The SEC’s Commissioner proposed a “trial-and-error” approach to the issue of the regulation of stablecoins. She explained that when creating a regulatory framework, it is necessary to leave “room for there to be failure.” Peirce also stressed that stablecoins have attracted a lot of attention this week.
What events happened before? Tether stabilized its peg to the dollar due to the burning of 3 billion USDT. In turn, the Terra community proposed rolling back the network before the collapse of the UST stablecoin rate.
In early May, the US Federal Reserve System (Fed)drew attention to the risk of a fall in the stablecoin market. According to the regulator, it is related to possible problems with the conversion of stablecoins into fiat currency.
SEC chief Gary Gensler said that oversight of cryptocurrency exchanges and issuers of stablecoins should be strengthened. In his view, cryptocurrency exchanges should implement mechanisms to protect customer assets, including measures such as account segregation on platforms.
On May 12, US Treasury Secretary Janet Yellen noted that the current size of the cryptocurrency market does not pose a threat to financial stability.
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