translated from Spanish: U.S. Moves Toward StableCoin Regulation

According to U.S. Treasury Department sources, Treasury officials pay special attention to how stablecoin transactions are processed and settled, based on market conditions and whether these operations may be a threat to financial stability. In that sense, the concern of officials is that widespread sales of crypto assets may threaten financial stability since their link with fiat money can trigger a crisis that can escalate dangerously quickly. They also see with special interest how to manage the growth of tokens driven by tech giants such as Facebook and other companies in the sector, Treasury Department sources told Bloomberg.Ensuring that investors can move money reliably in and out of the crypto market is one of the main concerns of officials working out a policy framework that will be published in the coming weeks, There are currently more than $120 billion in stablecoins in circulation, according to CoinMarketCap, most notably Theter, which has more than $68 billion in market capitalization and $Coin, with nearly $30 billion in value In July, Federal Reserve Chairman Jerome Powell had already spoken out about stablecoins and their lack of regulation when he said that “cryptocurrencies have tried and failed to convert. in a viable payment method, apart from its use by privacy fanatics.” They’re growing incredibly fast, but without proper regulation,” Powell said. This week, European Central Bank (ECB) President Christine Lagarde said that cryptocurrencies are “speculative assets.” Cryptocurrencies are not currencies. Full stop. They are highly speculative assets that pretend to be a currency but are not,” said the head of the ECB, who also pointed to cryptos for being “occasionally suspicious and high intensity in terms of energy consumption.” Bitcoin (BTC), the world’s leading cryptocurrency, is on track to close the week in the $47,000 zone after touching $43,000 on Monday, Sept. 13 for the first time since mid-August.

Original source in Spanish