The United States would seek to regulate stablecoins

Andy VilchezFollow

Jan 5, 20223 min de lectura

It is no secret to anyone that the United States has been closely following the progress and evolution of cryptocurrencies. This is mainly due to detecting which ones can become a danger to the country's economy.

And this time everything seems to point to their eyes on stablecoins.

Concerns around these coins have skyrocketed in recent months. So much so that regulations for stablecoins are to be implemented during 2022.

In fact, some people assure that in 2022 we will see a federal regulation that affects these cryptocurrencies. However, others are a little more skeptical about this issue, they assure that this law will arrive, but they do not believe that it will be before 2023.

At the moment there is not much information about what is being discussed it, but the arrival of the regulations is imminent.

A problem for traditional banking

Due to the growth that the cryptocurrency sector has had in general, it has caused many people to have their savings in cryptocurrencies.

Obviously, this money has come out of the different banking institutions in the country and this has made many millions of dollars that would normally go to traditional banking, ending up on the blockchain.

This has become a problem as banks have seen capital flight to stablecoins. And this has become a risk for the country's economy. That is why the government seeks to stop these types of transactions.

And it is that currencies such as USDT, USDC or BUSD have become a means of payment. Today they are used for much more than digital purchases, since many people use them as a means of payment in their day-to-day lives.

Commercial transactions with cryptocurrencies have no regulation, so this entire market is outside the tax legislation.

In addition, the government fears that it could escalate very quickly and end up affecting traditional means of payment and banking service providers.

Stablecoins and speculation

Another factor that may be fueling this is the great speculation that exists in this sector. Although stablecoins are characterized by having a "stable" price comparable to the dollar, the truth is that they are becoming more and more common within the DeFis sector.

This is a market that they consider dangerous and that does not have any type of regulation. And this can cause many people to end up investing and losing their money.

What to expect from these regulations?

There has been talk about the possibility that service providers and payments with stablecoins such as Binance or Coinbase that offer safeguards for these coins will have to become banks.

Banks may even start offering deposit services in cryptocurrencies such as USDT.

This is something that would cause a reduction in the amount of fintech that currently exists. It would even reduce the gap between banking and cryptocurrencies.

At the moment there is no further information in relation to this regulation, nor the way in which it will affect. It is necessary to wait for more information regarding it to make a judgment.