Official of the US Ministry of Finance: The collapse of StableCoin VAT Weckruf for crypto

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Von: Krypto News Österreich

Treasury
  • The collapse of VAT shows areas in which the industry needs work, said the official
  • The majority of the speakers agreed that regulatory clarity is required

cryptocurrency is quickly dangerous, said an official of the US Ministry of Finance on Tuesday.

Michael HSU, acting director of the Office of the Compotroller of the Currency, told the participants of the DC Blockchain Summit that the consequences of decoupling the stable coin VAT from their one-to-one relationship to the US dollar should serve as a wake-up call and an opportunity to resolve the industry and new calibrate. "

It is promising that there was no contagion of the banking system due to the de-pegging, said HSU, but this further underlines the need for safe ports outside of crypto.

"No bank is under stress or it is even rumored that it is under stress due to crypto exposure," said HSU. "This lack of stress enabled the traditional banking system to remain a source of strength for households and companies in the latest financial market volatility."

yield farming - in which the owner of cryptocurrencies use their assets against fixed -income returns - is particularly alarming in connection with VAT, said HSU.

"Early agriculture may have more with Ponzi systems today than with productive innovation," he said. "The economy driven by Hypes represents real challenges for those who are really interested in productive innovation to protect consumers."

While Hsus Ton was Harscher as other speakers, the idea that true innovators want to and must act within the legal guidelines was generally shared.

"The priority is now ... responsible innovation," said Sulolit Mukherjee, Global Head of Tax at the Krypto exchange Binance. "Good players and institutional investors are waiting for more clarity in the room."

HSU also strives to clarify the guardrails in the industry.

"Although I stay a crypto skeptic, I came to see his potential and understand why there is so much excitement about the industry," he said. "The OCC will continue to be careful and careful [with] crypto to ensure that the national banking system is safe and healthy."

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The contribution “Us Treasury Official: StableCoin UST’s Collapse“ Wake Up Call ”for Crypto” is not a financial advice.