Fed Chairman Jerome Powell told House Democrats that the US needs stablecoin regulation. The pressure on these altcoins increased with the collapse of UST, the stablecoin of the Terra ecosystem. Powell also noted that a CBDC would need approval from Congress before the Federal Reserve could take action.
Fed President: Regulation is a must for these altcoins!
Federal Reserve Chairman Jerome Powell told House Democrats that the United States needs a legal framework for stablecoins. Such altcoins are among the important dynamics of the cryptocurrency market. Tether’s USDT and Cirlcle’s USDC dominate the market. In a closed-door meeting with Democrats on the House Financial Services Committee on Tuesday, Powell said he was pleased that negotiations on stablecoin legislation were “close,” sources said.
Powell, CBDC requires Congressional approval first!
Jerome Powell also made a statement about central bank digital money. Powell noted that Congressional approval would be required before the Fed takes action. According to sources, Powell said, “If we are going to have a CBDC, Congress needs to authorize it. We are not advocates. “But we have not made a decision on proposing a CBDC to Congress.” said. These comments are in line with what he and other Fed officials have said publicly before.
FCA issues 450 warnings over illegal crypto promotions
The UK Financial Watchdog issued 450 warnings about illegal crypto promotions in the last three months of 2023. The Financial Conduct Authority has said firms that approve ads should take their regulatory obligations seriously. The FCA’s rules on promotions came into force on 8 October. A report published Wednesday said the warnings were issued from then until Dec. 31.
In order for crypto companies to advertise, they must be registered with the authority or have their advertisements approved by an authorized company. The rules require companies to include risk warnings. It also requires first-time buyers to have a 24-hour cooling off period. “We will continue our strong action against firms running illegal financial promotions in 2024,” the FCA said.
Cryptocurrency regulations in the UKit tightens me
Some companies have had to suspend UK services as a result. This included Binance, the largest crypto exchange. The regulator told Binance that it could not approve crypto ads to promotional validator Rebuildingsociety.com. That’s why the exchange, the world’s largest cryptocurrency exchange, faced difficulties in finding another validator.
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