Treasury Secretary Janet Yellen brought up TerraUSD ($UST) as an example of why comprehensive regulation is urgently needed. crypto cryptocurrency
US Lawmakers Push for Urgent Stablecoin Regulation — Fed Warns of Stablecoin Runs, Janet Yellen Cites UST Fiasco
On Tuesday, U.S. Treasury Secretary Janet Yellen brought up UST as an example of a “stablecoin run” during her testimony before the Senate Committee on Banking, Housing, and Urban Affairs on the Financial Stability Oversight Council Senator Pat Toomey asked Yellen to confirm her view on the need to regulate stablecoins.
There was a report this morning in the Wall Street Journal that a stablecoin known as terrausd [UST] experienced a run and had declined in value. Toomey quickly responded: “It’s important to note that the stablecoin to which you refer, I believe, is an algorithmic stablecoin. So that means by definition it is not backed by cash or securities as the — if you can call them — ‘more conventional stablecoins.'”with the U.S. dollar and dropped to an all-time low of $0.66 per unit on Monday.FSOC annual report
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US Treasury Secretary reaffirms need for stablecoin regulation following UST crashTreasury Secretary Janet Yellen addressed the Senate Banking Committee on Tuesday and called for bipartisanship among members of Congress to work toward a regulatory framework on stablecoins.
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UST Woes Draw Spotlight in Janet Yellen's Senate Hearing on Financial RisksU.S. Treasury SecYellen raised the specter of the UST drama in the opening minutes of the Senate Banking Committee's hearing today on risks to the U.S. financial system. jesseahamilton reports
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Luna Foundation 'Sells' $1.5 Billion in Bitcoin Bought at $47,000 for $33,000: DetailsICYMI: to defend its stablecoin, LFG will most likely sell part of their Bitcoin holdings $BTC $UST $LUNA
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As LUNA's Price Drops Over 33% in 24 Hours, Stablecoin UST Slips Below $1 Parity to $0.93 – Bitcoin NewsAs the stablecoin $UST slipped, the Luna Foundation Guard’s bitcoin wallet and ethereum Gnosis safe address has been emptied.
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UST Rebounds From $0.66 per Coin to $0.93, Crypto Community Assesses Stablecoin's Damaged Reputation – Bitcoin NewsMany wonder what's going to happen if $UST regains its one dollar parity with trust in the stablecoin so shaken.
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Federal Reserve says stablecoins are 'prone to runs' in new financial stability reportAs UST struggled to maintain its dollar peg, the Fed is calling stablecoins a central funding risk.
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