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Author Topic: Fed Chair says stablecoins need stricter regulation, speaks on CBDC  (Read 253 times)

sirty143

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Fed Chairman Jerome Powell told the House of Representatives today that stablecoins should face stricter regulations similar to money market funds or bank deposits. Powell was asked specifically about Tether, currently the most valuable stablecoin, by Rep. Anthony Gonzalez (R-OH). Tether claimed each coin was backed by a dollar, but that has been proven false; rather it is backed mostly by commercial paper or debts. Powell said most of the time those assets are very liquid, but during the recent financial crisis that wasn’t the case. See more for yourself here.

Your opinion is greatly appreciated.

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Re: Fed Chair says stablecoins need stricter regulation, speaks on CBDC
« Reply #1 on: August 02, 2021, 07:06:48 AM »
It should and should also be stable coins have strict rules so that there is no such thing as a change in price that is not clear, such as there is a Pump and Dump in a stable coin because the stable coin only has a price in 1 month only having a 1% change already quite big.
I hope the Chairman of The FED understands how stable coins work that have been circulating in the market and now there are a lot of stable coins circulating and that should have very strict rules.

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Re: Fed Chair says stablecoins need stricter regulation, speaks on CBDC
« Reply #1 on: August 02, 2021, 07:06:48 AM »
:)

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Re: Fed Chair says stablecoins need stricter regulation, speaks on CBDC
« Reply #2 on: August 03, 2021, 12:39:40 PM »
We live in this world in the form of rules that apply and of course also one day we will find new rules in various businesses that exist in cryptocurrencies and the result is the result of various pending.
The rule for stable coins is because there is such a thing as trading that results in profits and losses, so to minimize losses, the rules for stable coins must be enforced.
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Re: Fed Chair says stablecoins need stricter regulation, speaks on CBDC
« Reply #3 on: October 13, 2021, 04:39:41 PM »
I believe and hope that this FED understands well how stable coins work because that way they will understand very well what will happen with all of this which can provide the best way for stable coin regulation.
It's not easy to be able to create something like this, look at the stable coin market that is so large and of course all of that is not easily passed and until now there are many stable coins that stand strong.
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Re: Fed Chair says stablecoins need stricter regulation, speaks on CBDC
« Reply #4 on: October 16, 2021, 01:19:09 PM »
Of course, with the advent of the digitized currencies of the central banks of states, that is, their stablecoins, private and commercial stablecoins will be more tightly regulated, if only because the currently operating stablecoins will be in direct competition with the state stablecoins. States will definitely find or come up with a reason for such a tightening. After all, current stablecoins are backed by the currencies of states, and states may even prohibit the use of their currency for this purpose.

 

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