A pro-crypto commissioner of the Securities and Exchange Commission SEC Hester Peirce, known as Hester Peirce, said there might be some developments towards stable coin regulation in the near future, according to a report by the Securities and Exchange Commission.
Pierce spoke about the development at an online debate organized by the London-based Official Monetary and Financial Institutions Forum OMFIF policy think tank.
Pierce said stablecoins would likely be the first sector to be regulated in light of the UST crash. She said something.
After the crash of the high-flying Terra, there has been a lot of attention on stable coin lately. This week s events mean that U.S. regulators could work faster to establish a framework for stable coin.
Pierce seems to be taking a more constructive approach to regulation. She recognizes the need for rules and favors an innovative approach to it.
There are fears that such regulations would worsen the sector of criptocurrency and stifle innovation. Gary Gensler, chairman of the SEC, considers cryptocurrencies and stable coins threats to the money markets and banking sector.
In one of the interviews he gave last year, Gensler described stable coins as poker chips in the wild west of the criptocurrency industry.
Treasury Secretary Janet Yellen also hinted about working towards stricter regulations after the crash of UST. She said in an appearance before the Senate Banking Committee this week that there is a need for regulations in the space.
The International Organization of Securities Commissions Chairperson Ashley Alder said there was a need for a global group to establish rules for cryptocurrencies. The International Monetary Fund IMF has maintained that there was a need for uniform regulation of the industry around the world.
The ripple effect of the UST crash is still visible in the market, particularly among stable coins, where several of them have been de-pegged after the crash, including Tether sUSDT.