Top regulators recommended a series of new safeguards to ensure that a growing and unregulated cryptocurrency market doesn’t imperil U.S. financial stability.
Among seven major recommendations, regulators called on Congress to pass legislation that would address the systemic risks caused by the growth of stablecoins, which are a form of cryptocurrency pegged to the price of another financial asset, like the U.S. dollar or gold.
Recent volatility in the cryptocurrency market, especially in stablecoins, has made regulators particularly wary about the need for regulation as usage of the digital asset continues to grow.
Members of the Financial Stability Oversight Council met this week to approve the recommendations of a 125-page report created in response to President Joe Biden’s March executive order on digital assets. The report also calls for giving agencies greater regulatory…
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AppleMagazine (Digital) - 1 Issue, #571