Treasury official demands ‘stablecoin’ legislation:
Companies which are not authorised to offer ‘stablecoins’ , according to the U.S. Treasury for Domestic Finance, suggests they should be penalised under legislation imposed. This concern escalated after there was uproar in 2019 over a ‘token’ that potentially was used by millions to grow their crypto. This currency is “pegged” to the U.S. Dollar and should be protected to reduce the levels of corruption and for the industry to grow. The treasury demands the Congress to intervene and address the regulatory gaps. Addressing this issue will enable financial inclusion and U.S. leadership in the global financial market.
Do you believe the legislation should be imposed and what will be the effects of it will be beneficial?