Law Decoded: The long waves in the aftermath of UST’s crash, May 16-23
It’s been two weeks since the shock of the TerraUSD (UST) depegging, but the long waves of this event are still coming in. The Congressional Research Service described the UST crash as a “run-like” scenario and claimed that the crypto industry has not reached the same level of “adequate regulating” as the traditional finance market.
Michael Barr, former advisory board member of Ripple Labs and United States President Joe Biden’s pick for a vice chair for supervision at the Federal Reserve, definitely agrees with that. During the confirmation hearing, he mentioned “some significant risks” that innovative technologies and cryptocurrencies, in particular, bring along.
It’s not only in the U.S. where the regulators got concerned about stablecoins. The executive director of markets of the United Kingdom’s Financial Conduct Authority (FCA), Sarah Pritchard, reassured journalists that the FCA will “absolutely” take the depegging incident into account, which is hardly surprising, given the intention of the British Treasury to make stablecoins a payment method.
The recent turmoil even made the Group of Seven nervous, putting spurs on the Financial Stability Board to speed up crypto-asset regulation. Officials from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States even had to set up a special meeting in the 40,000-populated town of Koenigswinter, while the Conservative Party of South Korea went as far as to request a parliamentary hearing on the matter.
How can the U.S. bolster its economic competitiveness in digital assets? The United States Department of Commerce believes that 17 other questions would help us to answer this one. The department will publish a series of 17 questions in a request for
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