• Latest
  • Trending
US Federal Agencies Demand Stablecoin Oversight Powers; Here’s Why

US Federal Agencies Demand Stablecoin Oversight Powers; Here’s Why

November 26, 2021
Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin

Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin

May 20, 2022
Trader Predicts Crypto Market Will Mimic 2018 Bear Season – Here’s How High Bitcoin Could Go Before Nuking Lower

Trader Predicts Crypto Market Will Mimic 2018 Bear Season – Here’s How High Bitcoin Could Go Before Nuking Lower

May 20, 2022
Terraform Labs, Luna Foundation Guard Bought 3.06m AVAX in total: Avalanche Foundation

Terraform Labs, Luna Foundation Guard Bought 3.06m AVAX in total: Avalanche Foundation

May 20, 2022

TD SYNNEX expands solution offering with Google Cloud

May 20, 2022

Creating an ML Web App and Deploying it on AWS

May 20, 2022
Will Fan Tokens Replace Memecoins Like Shiba Inu and Dogecoin?

Will Fan Tokens Replace Memecoins Like Shiba Inu and Dogecoin?

May 20, 2022
Goldman Sachs: Crypto Drawdown Will Have Little Impact on U.S. Economy

Goldman Sachs: Crypto Drawdown Will Have Little Impact on U.S. Economy

May 20, 2022
Crypto Bear Market: Pantera Partner Sees These Buying Opportunities

Crypto Bear Market: Pantera Partner Sees These Buying Opportunities

May 20, 2022
Australias Commonwealth Bank Halts Crypto Rollout

Australias Commonwealth Bank Halts Crypto Rollout

May 20, 2022
Commonwealth Bank puts crypto trading trial on ice as regulators dither

Commonwealth Bank puts crypto trading trial on ice as regulators dither

May 20, 2022
Ethereum devs tip The Merge will occur in August ‘if everything goes to plan’

Ethereum devs tip The Merge will occur in August ‘if everything goes to plan’

May 20, 2022
Beware, Bitcoin Jumping Back Above $30,000 Could Be A Dead Cat Bounce, Here’s why

Beware, Bitcoin Jumping Back Above $30,000 Could Be A Dead Cat Bounce, Here’s why

May 20, 2022
Deep Tech Central
Sunday, May 29, 2022
Subscription
Sign Up
  • News
    • Artificial Intelligence
    • Crypto
    • CyberSecurity
    • IoT
    • Robotics
    • Quantum Computing
    • Sustainability
    • Telecom
  • Videos
  • DTC – UNV
No Result
View All Result
Deeptech Central
No Result
View All Result

US Federal Agencies Demand Stablecoin Oversight Powers; Here’s Why

by
November 26, 2021
in Crypto
0

The US Federal agencies have demanded more power to crack down on the stablecoin market as they believe it could potentially destabilize the current financial system. The President’s Working Group along with major financial regulators published a new report on Stablecoins urged Congress to regulate stablecoin issuers similar to banks. The official report read,

“The rapid growth of stablecoins increases the urgency of this work,” the regulators said. “Failure to act risks growth of payment stablecoins without adequate protection for users, the financial system, and the broader economy.”

YOU MAY ALSO LIKE

Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin

Trader Predicts Crypto Market Will Mimic 2018 Bear Season – Here’s How High Bitcoin Could Go Before Nuking Lower

Regulators shared special concern for stablecoin issuers and the reserves they claim that back the circulating supply of these stable currencies. The stablecoin market has become a $130 billion industry with Tether’s USDT leading the market with over $72 billion in circulation followed by Circle’s USDC with $37 billion in circulation. Federal agencies believe there is no way to verify whether the circulating supply is equally backed without clear regulations in place.

Tether seems to be the biggest cause of worry for the agencies at this point, as the stablecoin issuer has been fined and warned on numerous occasions for its opaque reserves. The firm however claims otherwise and also promised to fully cooperate with federal agencies with the new proposed regulations around the stablecoin industry.

We appreciate the interest from lawmakers on the function, purpose, and security of all stablecoins across the cryptocurrency ecosystem. We have been and are pleased to work with policy makers around the world on these important issues. 1/3

— Tether (@Tether_to) November 25, 2021

Will Stablecoin Market Suffer Next After Privacy Coins

The recently passed Infrastructure Bill has already created a lot of panic and fear among crypto businesses due to the extreme and near impossible crypto reporting that it demands. US government’s focus on the stablecoin market was reflected when the StableAct was introduced last year and faced a lot of criticism from the crypto community. Similarly, a Stablecoin risk report was also published at the start of November demanding congress to formulate new regulations around the market.

Privacy coins have been a big cause of worry among European nations which has led to several crypto exchanges delisting them. Now the US government is looking to bring the stablecoin market under the banking laws.

The post US Federal Agencies Demand Stablecoin Oversight Powers; Here’s Why appeared first on Coingape.

Share196Tweet123Share49

Leave a Reply Cancel reply

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

I agree to the Terms & Conditions and Privacy Policy.

Search

No Result
View All Result

Recent News

  • Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin
  • Trader Predicts Crypto Market Will Mimic 2018 Bear Season – Here’s How High Bitcoin Could Go Before Nuking Lower
  • Terraform Labs, Luna Foundation Guard Bought 3.06m AVAX in total: Avalanche Foundation
  • About
  • Privacy Policy
  • Sign Up
  • Contact Us
  • About
  • Contact
  • Deeptech Central
  • Elementor #10628
  • Newsletter
  • Privacy Policy
  • Sign Up

© 2018-2021 DeepTech Central. - by MintMore Inc..

No Result
View All Result
  • News
    • Artificial Intelligence
    • Crypto
    • CyberSecurity
    • IoT
    • Robotics
    • Quantum Computing
    • Sustainability
    • Telecom
  • Videos
  • DTC – UNV

© 2018-2021 DeepTech Central. - by MintMore Inc..

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Stay Updated. Subscribe Today.

Join the community of 10K+ scholars & entrepreneurs.