Regulation NewsWorld News

The US Treasury Department called the Stables a potential legislative risk

Treasury officials and several other government agencies are more seriously considering the status quo of the Stables.

to the Report Crypto Potito As legislative pressures increase in the United States, lawmakers intend to prioritize the issue of stable coins.

Citing statements by related individuals, Bloomberg said in a report that authorities were drafting a legal framework that was scheduled to be released in the coming weeks. According to Bloomberg, their main concern is that investors will be able to buy and sell these stable coins under certain conditions.

These anonymous people are worried that selling digital currencies at prices below their real value will threaten financial stability and increase the number of some stable coins at a dangerous rate.

The US Financial Stability Board is also preparing a report examining the risks associated with stable coins.

The focus of these officials is on how to process and settle stable coin transactions and how they affect market conditions.

Tomicah Tillemann, head of international policy at the Andreessen Horowitz Digital Currency Fund, which specializes in venture capital, said:

This [موضوع] It is very significant that we are witnessing the initial steps to establish a regulatory framework in the field of digital currencies.

This report will be sent to the Financial Institutions Working Group of the Presidential Institution after its publication. The body consists of the heads of key organizations such as Janet Yellen, Treasury Secretary, Jerome Powell, Chairman of the Central Bank, and Gary Gensler, Chairman of the US Securities and Exchange Commission.

In late July, Janet Yellen called for swift regulation of these digital currencies after talking about the lack of oversight of stable coins. In early August, Gary Gensler reiterated the importance of stable coin legislation, saying regulators should protect investors from fraud.

Michael Hsu, head of the US Currency Control Bureau, said in late July that regulators were examining Tetra deposits to find out if each Tetra unit was actually paid in US dollars, or Equivalently supported or not.

Although Teter has repeatedly stated that its reserves are fully backed by the US dollar, it has not yet provided an independent and comprehensive audit.

According to Teter Financial Transparency Report, this stable coin is still the leader in the stable digital currency market with 69.4 billion USDT tokens. The total supply of Tetra reached a historic peak of 70 billion units earlier this week.

Of these, 36 billion units, equivalent to 51.8% of the total supply of Tetra in the Theron network and 33.8 billion units, equivalent to 48.7% of the total supply in the Ethereum network. It is worth mentioning that the total supply of Tetra has increased by 232% since the beginning of the year.

According to the website of Circle, the supplier of stable digital currency (USC), the supply of this stable coin has grown by 651% since the beginning of 2021 and its turnover has reached 29.3 billion units.


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button