{"id":61395,"date":"2022-05-13T11:35:31","date_gmt":"2022-05-13T08:35:31","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=61395"},"modified":"2025-09-05T11:55:25","modified_gmt":"2025-09-05T08:55:25","slug":"hester-peirce-urged-to-leave-room-for-missteps-in-regulating-stablecoins","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hester-peirce-urged-to-leave-room-for-missteps-in-regulating-stablecoins\/","title":{"rendered":"Hester Peirce urged to &#8216;leave room for missteps&#8217; in regulating stablecoins"},"content":{"rendered":"<p>In overseeing stablecoin issuers, it is necessary to preserve certain exemptions to continue innovation. This was stated by Securities and Exchange Commission Commissioner Hester Peirce.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>We need to leave room for failures, which are part of experiments. Our rules accommodate them, and I hope this will continue.<\/em> \u2014 she said.<\/p>\n<\/blockquote>\n<p><iframe loading=\"lazy\" width=\"1280\" height=\"720\" src=\"https:\/\/www.youtube.com\/embed\/jXIssRGbojk\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/p>\n<p>Peirce explained that stablecoins can have varying natures, which makes it difficult to design a regulatory framework. In her words, the rules &#8216;seek to cover what exists today,&#8217; but also &#8216;what will exist tomorrow, and that is not easy to do&#8217;.<\/p>\n<p>On May 10, at hearings of the Senate Banking Committee, the <a href=\"https:\/\/forklog.io\/terraform-labs-predstavila-dopolnitelnye-mery-dlya-vosstanovleniya-luna-i-ust\/\">depegging of the UST from the US dollar<\/a> and the collapse of the algorithmic stablecoin&#8217;s related cryptocurrency LUNA were discussed. Treasury Secretary Janet Yellen emphasised <a href=\"https:\/\/forklog.io\/ministr-finansov-ssha-prokommentirovala-intsident-so-stejblkoinom-ust\/\">the need to pass legislation regulating stablecoins<\/a> by the end of 2022.<\/p>\n<p>Two days later the official explained that the current scale of the project is not large enough to pose a serious threat.<\/p>\n<p>Earlier, calls for tougher oversight of stablecoin issuers were urged by <a href=\"https:\/\/forklog.io\/strong-glava-sec-prizval-k-usileniyu-nadzora-nad-bitkoin-birzhami-i-emitentami-stejblkoinov-strong\/\">SEC Chair Gary Gensler<\/a> and <a href=\"https:\/\/forklog.io\/glava-frs-uvidel-v-kriptovalyutah-i-stejblkoinah-ugrozu-dlya-finansovoj-stabilnosti\/\">Federal Reserve Chair <span data-descr=\"Federal Reserve System\" class=\"old_tooltip\">Fed<\/span><\/a>. The tightening of their regulations received backing from <a href=\"https:\/\/forklog.io\/glava-occ-podderzhal-uzhestochenie-regulirovaniya-emitentov-stejblkoinov\/\">Michael Hsu, head of the <span data-descr=\"Office of the Comptroller of the Currency\" class=\"old_tooltip\">OCC<\/span><\/a> within the U.S. Treasury.<\/p>\n<p>As reported, CTO Paolo Ardoino of Tether warned about the dangers of algorithmic stablecoins for the market as their capitalization grows.<\/p>\n<p>Subscribe to the ForkLog channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\">YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In overseeing stablecoin issuers, it is necessary to preserve certain exemptions to continue innovation. Securities and Exchange Commission Commissioner Hester Peirce said.<\/p>\n","protected":false},"author":1,"featured_media":61396,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1311,36,128,807],"class_list":["post-61395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-hester-peirce","tag-regulation","tag-sec","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/61395","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=61395"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/61395\/revisions"}],"predecessor-version":[{"id":61397,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/61395\/revisions\/61397"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/61396"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=61395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=61395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=61395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}