Officials from the leading industrial economies have called for swift crypto regulation following last week's turmoil.
The UST collapse may lead to a tectonic shift in the crypto regulatory landscape.
According to a Reuters press release
, the world's top financial leaders called for swift and comprehensive regulation of cryptocurrencies in light of the Terra and UST collapse. Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States are part of the G7.
According to a Cointelegraph
report, Bank of France Governor François Villeroy de Galhau said at an event in Paris:
"Crypto assets could disrupt the international financial system if they are not regulated, overseen and interoperable in a consistent and appropriate manner across jurisdictions. We will probably [...] discuss these issues among many others at the G7 meeting in Germany this week."
Following the G7 meeting in Koenigswinter, Germany, earlier this week, the writing seems to be on the wall for more crypto regulation. As the Terra collapse
wiped out more than $300 billion in market capitalization in the crypto industry, calls for more regulation increased in different countries.
During a congressional hearing, US Treasury Secretary Janet Yellen said that stablecoins "present risk to the financial system" and (once again) called for more regulation. That echoed similar calls by SEC Chairman Gary Gensler, who famously said
crypto would not survive another ten years without regulation. SEC Commissioner Hester Peirce also weighed in
, saying that the events of last week are likely to encourage Congress to work faster on crypto regulation.
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