Express
JEC Chair Says Increased Crypto Market Volatility or a Digital Bank-run Could Disrupt More Mainstream Financial Institutions
Summary: The U.S Joint Economic Committee (JEC) held a hearing titled “Demystifying Crypto: Digital Assets and the Role of Government”. JEC Chair Don Beyer commented, “Increased crypto-market volatility or a digital bank-run could disrupt more mainstream financial institutions like pension funds or mutual funds.” Beyer also pointed out that the underlying assets raise consumer protection concerns ...
The U.S Joint Economic Committee (JEC) held a hearing titled “Demystifying Crypto: Digital Assets and the Role of Government”. JEC Chair Don Beyer commented, “Increased crypto-market volatility or a digital bank-run could disrupt more mainstream financial institutions like pension funds or mutual funds.”
Beyer also pointed out that the underlying assets raise consumer protection concerns due to “financial fraud, hacks, and market manipulation.”In addition, the meeting pushed for more enforcement and “regulatory scrutiny for stablecoins like Tether and the platforms where they are used.”
Earlier this month, a U.S. Treasury Department-led regulatory report had called for more regulations around stablecoins. The President’s Working Group on Financial Markets (PWG) is of the view that “stablecoins could be more widely used in the future as a means of payment.”
By Amy Liu
Tags: Crypto Market,Don Beyer,JEC,Regulation,Stablecoins
Link: JEC Chair Says Increased Crypto Market Volatility or a Digital Bank-run Could Disrupt More Mainstream Financial Institutions [Copy]
