Cryptocurrency In the midst of the fluctuations in the markets, another statement came from the US Treasury Secretary Janet Yellen.
Speaking to Congress today, Senator Pat Toomey asked Jellen about stablecoins.
Stating that it is important and urgent for Congress to pass the law on stablecoins, Yellen stated that a law to be prepared by the end of the year would be appropriate.
Speaking about Terra’s stablecoin UST, which has been on the agenda of the cryptocurrency community recently, Yellen said:
“A stablecoin known as TerraUSD has experienced a breakout and has lost value. I think that shows that with a rapidly growing product, there are rapidly increasing risks.”
Bitcoin also reacted when Yellen underlined that the law on stablecoins should be passed by the end of 2022.
BTC, which was traded at the $ 32,000 border before the speech, fell to $ 30800 after Yellen’s statements.
As of our news, the weak outlook continues in Bitcoin, which is trying to protect $31,000.
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Amid the IHR crisis, Janet Yellen reiterated her warning of regulation.
“Passing the law on stablecoins is pretty important. ”
— Bitcoin System (@bitcoinsystem) May 10, 2022