SEC aims to regulate stablecoins within the USA
Industry News
For years stablecoins have been recognized as a threat to a traditional economic system by official governments. The US Securities and Exchange Commission came up with a decision that such assets need to be strictly controlled on the territory of the USA.
According to Bloomberg, the President’s Working Group is going to enable the SEC with the necessary power to commence working on the regulation of stablecoins. The officials are allegedly about to regulate non-volatile digital assets together with banking deposits.
The crypto community understands such measures as an inappropriate balance between the support of innovations and end-users. This said the new regulation is definitely bad news for the crypto market.
Bloomberg analysts highlight: “The governments cleared things up, as they are going to play the crucial role in crypto regulations, while long-term measures are still in progress.”
Nellie Liang, the Undersecretary for Domestic Finance, focuses on the necessity to protect end-users: “We are going to avoid the problem of so-called stablecoins that are probably non-stable physically.”
Stablecoins are getting more power, providing holders with new opportunities. In 2020 the volumes of the stablecoins market increased by 1000%, and the industry continues moving to new peaks.
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