The United States could crack down on “stable” cryptocurrencies

Stablecoins are ostensibly more secure than regular cryptocurrencies thanks to their links to less volatile assets, but US regulators are apparently not convinced. Bloomberg sources hear that the Treasury Department and other federal agencies are close to a possible crackdown on stablecoins thanks to a review by the Financial Stability Oversight Council. Officials fear that digital currency is largely unregulated and could ultimately destabilize the financial system, not protect it.

It is believed that a presidential task force on financial markets is most concerned about Tether. Cryptocurrency operators have said they are stabilizing their funds by holding significant amounts of corporate debt. This could be vulnerable to “chaotic investor races” if the cryptocurrency’s values ​​pile up, according to Bloomberg.

Although a firm decision is not expected until December, when the task force is supposed to issue recommendations, there would be a “consensus” in favor of a review by the Supervisory Board. If that happens, the council could label stablecoins as threats that warrant strict regulation. Many cryptocurrencies could be forced to change their business models or even shut down.

As it stands, stablecoins are threatened by government competition. The Federal Reserve is exploring the possibility of launching a central bank cryptocurrency. Such a move could render private options irrelevant in the United States, they would be pointless if there was an official, potentially more reliable, equivalent. Whatever happens, it is safe to say that the current market for stablecoins might not last long as it is if given a review.

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