The entire cryptocurrency market is currently focused on Terra (LUNA) and the UST crisis. This crisis, in which billions of dollars were lost and led to a general decline in the cryptocurrency industry, is not completely over.
While LUNA was down almost 100% and the network was paused again and still not activated, it was one person’s comment that caused the event to continue.
Leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are on the rise as the LUNA event ends financially.
However, there is also a regulation part to it. Hester Peirce, a member of the US Securities and Exchange Commission (SEC), warned investors against this situation.
Peirce, also known as the Crypto Mom, underlined that the USA will see serious stablecoin regulation very soon. Crypto Mom said in a statement at the OMFIF meeting on May 12:
“Another point where we can see movement will be stablecoins. The TerraUSD events are upsetting and this has been predictably getting a lot of attention.”
Emphasizing that the SEC has the opportunity to “take over” digital currencies and the platforms on which they are traded, Peirce summarized the situation.
The UST, which should have been worth $1 USD and reached a market capitalization of billions of dollars, has now bottomed out, and it can be expected that the regulators will fine the industry in general over this business.
The rest of the news is on Bitcoinsistemi.com.