According to Peirce, what happened with the coins of Earth puts on the table the need for urgent regulation for stablecoins, but it is necessary to ensure a balance that allows for innovation and compliance with basic rules.
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- For Peirce, it is becoming increasingly necessary to regulate stablecoins, precisely to avoid things like what happened to UST y LUNA.
- Congress will play a key role, so its legislative involvement in the issue is necessary.
- The potential to innovate must be respected, without leaving aside compliance with standards to protect users.
The commissioner of the U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) popularly known as Crypto Mom, Hester Peirce, recently indicated that regulation on stablecoins may be coming sooner rather than later, especially in light of the fall of the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. ecosystem. Earth and the large number of people who were harmed.
Regulation for stablecoins is coming
This is what Peirce said during an interview for the network a network refers to all nodes in the operation of a blockchain at any given moment in time. CNBC, where the commissioner pointed out that the drop of UST y LUNA puts on the table the urgent need for regulation on stablecoins, which he hopes will not be detrimental to the development of the crypto space in the future.
In this regard, Peirce commented:
“I think we’re likely to have regulation much more quickly because of the events of the last few weeks. But the stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. legislation was already on the docket, so it’s possible that it will move forward more quickly… However, I think what we need to make sure we do is preserve people’s ability to experiment with different models and do it in a way that conforms to safety standards.”
As a representative of the SEC, Peirce has always called on participants in the crypto ecosystem to operate with great restraint and caution. Given the commotion generated at the time by the protocols DeFi, The official called on companies and entities interested in launching proposals under this model to seek advice from the regulator to dispel doubts and clarify whether such assets fall within the definition of securities.
Requesting support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. from the Congreso
While the SEC and theComisión para el Comercio de Futuros de Productos Básicos (CFTC) While Congress has the responsibility to mediate on these issues, Peirce believes it is very important for Congress to play a much more active role, providing guidelines to these agencies so that they can act in the most appropriate way possible on these issues:
“The SEC is already acting and using the authority it has, but I think it would be helpful for Congress to step in and say, ‘SEC, this is the role we think you should play … and to the CFTC that these are the rules you have to follow.'”
Peirce argued that while the SEC While the U.S. Department of Justice does a fairly precise job in this area as a federal entity, the role of Congress will be critical in providing the agency with greater versatility in addressing such issues:
“You could argue that the SEC would be a good regulator for retail exchanges … but that will really be up to Congress. But there’s a lot of work to be done even within our existing authorities, because traditional financial institutions want to get involved in the crypto space and they need our guidance. They need regulatory clarity from us.”
Balance between innovation and regulation
Finally, Peirce called for balance in the regulations to come, as a balance must be maintained to allow innovation and ensure compliance with certain rules for the benefit of all.
To this end, he stressed that it is important for both parties to meet and communicate in good faith, which unfortunately has not been achieved precisely because of the predisposition of regulators with respect to cryptocurrencies.
“We talk a lot about responsible innovation, but I think we also need to talk about responsible regulation along with that, and that means, as regulators, we need to be willing to engage with innovators and figure out, ‘These are our regulatory objectives that we’re trying to achieve, how can we achieve them and still allow you to try this new product or service and see if the market an area or arena, online or offline, in which commercial dealings are conducted. likes it?'”
- U.S. Treasury Secretary Janet Yellen says UST and USDT declines are not a risk to the country
- SEC hires more staff to increase vigilance against crypto scams
- Fed Vice Chairwoman: stablecoins can be a “significant” risk
Source: DailyHodl
Version by Angel Di Matteo / DiarioBitcoin
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