The United States Department of the Treasury is working on a regulation of stable cryptocurrencies, digital assets that move more than 120,000 million dollars in the world and that are the most used for the purchase and sale of Bitcoin, Ether and the rest. of crypto assets.
Specifically, according to sources from that Department, Treasury officials pay special attention to how stablecoin transactions – known as stablecoins, by their English name – are processed and settled, if that changes according to market conditions and if possible. that these operations are a threat to financial stability.
In that sense, the concern of officials is that generalized sales of crypto assets could threaten financial stability since, due to their connection with fiat money, it could trigger a crisis that could escalate dangerously fast.
They also see with particular interest how to manage the growth of tokens driven by technology giants such as Facebook and other companies in the sector, sources from the Treasury Department assured Bloomberg.
Ensuring investors can reliably move money in and out of the crypto market is a top concern of officials crafting a policy framework to be released in the coming weeks, Bloomberg noted.
There are currently more than $ 120 billion in stablecoins in circulation, according to CoinMarketCap, notably Theter, which has more than $ 68 billion in market capitalization, and USD Coin, with nearly $ 30 billion in value.
In July, the Chairman of the Federal Reserve, Jerome Powell, had already spoken out about stablecoins and their lack of regulation when he said that “cryptocurrencies have tried and failed to become a viable payment method, apart from their use by privacy freaks ”.
“They are growing incredibly fast, but without proper regulation,” Powell said.
This week, the president of the European Central Bank (ECB), Christine Lagarde, said that cryptocurrencies are “speculative assets.”
“Cryptocurrencies are not currencies. Final point. They are highly speculative assets that pretend to be a currency but are not, “said the head of the ECB, who also pointed to crypto as being” occasionally suspicious and of high intensity in terms of energy consumption. “
Bitcoin (BTC), the world’s leading cryptocurrency, is heading to close the week in the $ 47,000 zone after hitting $ 43,000 on Monday, September 13 for the first time since mid-August.