US Lawmakers Push for Urgent Stablecoin Regulation — Fed Warns of Stablecoin Runs, Janet Yellen Cites UST Fiasco
On Tuesday, U.S. Treasury Secretary Janet Yellen brought up UST as an example of a “stablecoin run” during her testimony before the Senate Committee on Banking, Housing, and Urban Affairs on the Financial Stability Oversight Council Senator Pat Toomey asked Yellen to confirm her view on the need to regulate stablecoins.
There was a report this morning in the Wall Street Journal that a stablecoin known as terrausd [UST] experienced a run and had declined in value. Toomey quickly responded: “It’s important to note that the stablecoin to which you refer, I believe, is an algorithmic stablecoin. So that means by definition it is not backed by cash or securities as the — if you can call them — ‘more conventional stablecoins.'”with the U.S. dollar and dropped to an all-time low of $0.66 per unit on Monday.FSOC annual report
The regulations will of course favour only those that already have billions of dollars. Money got from cheating the system, unethical market manipulation and dodgy shady business practices. But guess what? They get to keep all the money they cheated and stole and “YOU” lose!
Just eat more fiber
If a new stablecoin project claimed to be 'sec approved' what would this mean?
Finger weg!
''federal''? ''reserve''? 🤡🤡🤡
People need to be taught to use normal stablecoins like $USDT, not just any scam. In addition, there are too many printed bucks to destabilize the economy🧐
I am sure stablecoins are not the main 'financial stability' problem. It's fun to watch the Federal Reserve try to change the subject once again
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What does she drinks, 176 billion for all stable coin , can't even do a thing to 40 trillion economy
And I was wondering who attacked Luna.
That is actually needed for stable coins. Good news for the crypto community ngl
How do stablecoin runs threaten the whole country's stability?
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Her walker is more stable than Luna.
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Surprised she said anything since her employer Citadel doesn't deal in stable coins....
when are they going to regulate dollar printing?
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They don't know what they are talking about. It is like someone tells her that there was a fire somewhere in Washington this morning and she says 'yes, let s regulate the use of matches and lighters as a priority' without knowing the cause of the fire and what impact it had...🤡
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She should have to explain luna to congress before she can use it in a sentence!
She caused it.
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These people are ancient! You think they even understand what it is?
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