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Yellen: VAT collapse could have been avoided with rules for stable coin emitters
US Finance Minister Janet Yellen reinforced her plea for a StableCoin regulation StableCoin issuers have to be state-insured depot banks, she said in the middle of the continued collapse of Terra's Ust-Stable, who has confused broader cryptomarkers in an unexplored manner, the regulatory authorities in the United States are again urging that that demands that Stable coin emitters such as banks are treated. "We just had an illustration of the risks in connection with stablecoins with Terra and Tether last week ... there can be runs," said Yellen on Thursday during a hearing in front of the Financial Service Committee of the House of Representatives. "We invented a good regulatory framework to deal with it, and that is a federal insured deposit institute." ...
Yellen: VAT collapse could have been avoided with rules for stable coin emitters
- US finance minister Janet Yellen strengthened her plea for stable coin regulation
- StableCoin issuers must be state-insured depot banks, she said
In the middle of the continuing collapse of Terra's VAT-Stablecoin, which has confused broader cryptomarkers in an unprecedented manner, the regulatory authorities in the United States are again urging a policy that requires stable coin emitters such as banks.
"We just had an illustration of the risks in connection with stable coins with Terra and Tether last week ... there can be runs," said Yellen on Thursday during a hearing before the Financial Service Committee of the House of Representatives. "We invented a good regulatory framework to deal with it, and that is a federal insured deposit institute."
The regulatory framework in question is the joint November report on the StableCoins of the Working Group of the President of Financial Markets (PWG), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC).
"In order to tackle risks for stablecoin users and protect themselves from stable coin runs, the legislation should demand that StableCoin issuers are insured deposit institutions that are subject to adequate supervision and regulation at the level of the deposit institute and the holding company."