WASHINGTON — Treasury Secretary Janet Yellen, responding to the recent sharp decline in the value of cryptocurrencies, said Thursday that additional federal regulation was needed to respond to the wave of speculative investment in the currency whose secrecy is an essential part of its appeal.
Stable coins are a type of cryptocurrency pegged to a specific value, usually the dollar, another currency or gold. Its parity with the dollar is what, in theory, makes it stable. However, volatility in the cryptocurrency market this week challenged that premise. A run — or sale by a large number of owners — on the Terra stable coin, caused it to drop in value from roughly $8 to below 30 cents.“Terra broke the buck and this morning and yesterday the largest stable coin Tether also broke the buck,” referring to another token that dropped below its dollar peg this week.
She said the administration is doing what it can to address supply chain issues and other contributors to inflation.
...How do we guard against This Admins Regulations, Rule S, Mandates ? B sure To Vote.. 1pardygirl
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