Who is the final flowers of the regulatory power of stable coins?

The repeated discussion of stabilized coins and the US Congress and the US Treasury Department have not resuspended the fate of stable coins. Nellieliang, US Finance, pointed out last week that the US Congress has obvious slopprogenality in the development of regulations related to stabilization currencies.

Nellieliang said that if you continue to delay, the Ministry of Finance is planning to bypass the Congress and the law of stabilizing the currency. As early as November, the President Working Committee, the Money Supervision Department and the federal deposit insurance company released a Joint report on the 26-page report to push all the responsibilities to Congress. Since then, the Congress held two hearing on special review of stabilization currency, but finally ended in unordake.

At one of the hearing, the top encryption currency criticist and the US Senate Bank Committee Chairman She Rod Brown, the Stable investment, “gambling”, and said that he does not believe that “stable coin will provide what they want”. Brown calls for strengthening supervision and transparency, especially in disclosing stable currency reserves, and added that all stable coins must be hooked with USD 1: 1.

What is the status quo of the number one stabilization?

Tetherusdt is the world’s top stability coin, the market value of approximately $ 76 billion, has always been an object of many stable coins criticism, especially in the United States. Since 2014 as Realcoin, this stabilized currency provider has maintained a 7-year dollar parity and stability. The surprising consistency of Tether has always been the focus of regulators, and they think that Tether needs to disclose the composition of its reserves to investors.

Six months ago, a Certified office of Tether was clarified in the accounting firm operating in Cayman Islands. The results show that nearly 50% of reserves are composed of deposits and commercial notes, only 10% (or $ 6.2 billion) assets are cash and bank deposits. Tether defense said that it has the ability to manage its value and keep USDT a longer and stable, but legislators do not seem to believe.

What do you have to think about stabilization?

US President Joe – Joe Biden hopes that stabilization currency is only issued by the bank. This proposal has attracted many people’s attention, including Elonmusk, and Senator Pat-Tome (Pat toomey), they all think this is an attempt to kill innovation and encrypt the currency. Bind in the centralized network.

Regardless of whether there is any provision, as the requirements of Nellieliang, the relevant policy development departments must be cautious, because the stabilization currency and its $ 130 billion in industries have become an indispensable intermediary in the encrypted currency world, and it is also an important key to the extensive adoption of the future encryption currency. .