The UK reportedly has no problem with stablecoins as long as it's not algorithmically stable like $LUNA-backed $UST.
“Legislation to regulate stablecoins, where used as a means of payment, will be part of the Financial Services and Markets Bill which was announced in the Queen’s Speech.”
By legalizing stablecoins for the UK market, the Treasury aims to open up growth opportunities while ensuring financial stability as it introduces new financial technologies. Underscoring the fact that the value of Terra’s UST token was tied to a different cryptocurrency, the spokesperson stated: “The Government has been clear that certain stablecoins are not suitable for payment purposes as they share characteristics with unbacked crypto assets.”Commissioner Hester Peirce of the United States Securities and Exchange Commission recently highlighted the need for “room for there to be failure” while backing a regulatory framework for stablecoins.
I'd be happy to talk about how to achieve the SEC's regulatory objectives without impeding the trial and error that is so essential to innovation. [email protected] speaking at an online panel, Peirce mentioned the rising interest in stablecoins among regulators.
“We need to allow room for there to be failure because that obviously is part of trying new things and our framework really does allow for that kind of trial and error. I hope that we will use it for that purpose.”
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