US government officials are doubling down on regulation for stablecoins after the world watched UST yesterday.
“I think [the situation with TerraUSD] simply illustrates that this is a rapidly growing product and that there are risks to financial stability and we need a framework that’s appropriate,” said Yellen.
Addressing questions to Yellen, Pennsylvania Senator Pat Toomey also pointed out that UST was an algorithmic stablecoin, “not backed by cash or securities.” The Treasury Secretary added it would be “highly appropriate” to aim for a"consistent federal framework” on stablecoins by the end of 2022 given the growth of the market. She called for bipartisanship among members of Congress to enact legislation for such a framework.
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