The U.S. Securities and Exchange Commission commissioner Hester Peirce signaled that SEC could develop stricter rules around crypto stablecoins soon due to the Terra’s UST crash incident. In March, President Joe Biden issued an administrative order directing the government to estimate the hazards and benefits of creating a central bank for digital and other cryptocurrency issues. The International Organization of Securities Commissions (IOSCO) chairperson Ashley Alder and the International Monetary Fund (IMF) are also in line, making it necessary to establish crypto rules. In one of last year’s statements about crypto, Gensler has compared stablecoins to the tools for gambling at old-timey casinos. The current state of events in the crypto sector proves a need for regulations . . .
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