US Treasury: cryptocurrency oversight needs to be strengthened
According to a recent Washington Post study, the US Treasury Department plans to notify the White House that cryptocurrencies are a source of significant risk for retail investors.
Consequently, stricter regulatory requirements for the oversight of the digital asset segment need to be adopted.
According to Joe Biden’s administration sources, cryptocurrencies currently pose no risk to the US economy. But the point was made: the digital asset industry is dynamic and the current state of affairs could change in the foreseeable future. Therefore, the status quo must be preserved and maintained.
The US Treasury may soon submit a report to the Government on the financial risks of USD-backed steiblockers. Last year, the Treasury called on the US Congress to give bank regulators more powers to effectively oversee such assets. However, lawmakers have not yet reached a consensus on the issue.
Many experts have suggested that the US government will not be able to ignore the collapse of Terra’s algorithmic stackcoin, which at one point had a capitalization of $60 billion. It should not be overlooked that this event also hit the crypto industry as a whole hard.
The community believes that the CFTC should become the main regulator in this segment. The Futures Contracts Commission is expected to take a more responsible approach than the SEC does now.