The US Federal Reserve (Fed) wants to speed up stablecoin legislation

A pressing desire for regulation – The central bankers of the planet are already stressed by the growing adoption of Bitcoin (BTC) and decentralized cryptocurrencies. But the stablecoins seem even more terrorize. A senior representative of the Federal Reserve (the Fed) is almost begging the US Congress to regulatory framework these competing issues.

The FED wants to protect the dollar from all crypto-competition

If the big bankers dream of their dear central bank digital currency (MNBC)they certainly have nightmares stablecoins. Whether they come from private companies (like USDT or USDC) or, even worse, be decentralized (like the DAI).

This strong concern can be seen in the recent statement by Michael BarrVice-President in charge of the supervision of the Federal Reserve American. Nothing is more important to him than the dollar financial stability. The central banker therefore wants to increase the surveillance and the regulatory straightjacket on stablecoins.

Federal Reserve Logo

“Stablecoins, like other unregulated private currencies, could pose risks to financial stability. (…) I think Congress should work quickly to pass much-needed legislation [sur les stablecoins]. (…) I look forward to continued partnership with other regulatory agencies and Congress to address the risks of stablecoins. »

Word ” risk “ is the only thing that Mr. Barr and the Federal Reserve associate stablecoins. But the central banker tries to present it only in the form of a risk for financial stability. He does not mention, however, the strong (and real, for once) risk that these stablecoins accelerate to Ghent V speed dedollarization of the world. And we understand better why stablecoins interest Russia as much and the China.

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