SNEAK PEEK<ul><li>On Monday, top officials proposed several new safeguards to ensure that the cryptocurrency business does not endanger the integrity of the US financial system.</li><li>On Monday, the members of the Financial Stability Oversight Council convened and approved the conclusions of a 125-page study conducted in response to President Joe Biden’s executive order.</li><li>In light of a UN study, the Biden administration has urged Congress to expedite the development of a regulatory framework for cryptocurrencies and digital assets.</li></ul>Top US authorities suggested several new protections on Monday to make sure that the stability of the US financial system is not jeopardized by a developing and unregulated cryptocurrency industry.Regulators urged Congress to enact legislation to address the systemic risks brought on by the rise of stablecoins, a type of cryptocurrency tied to the price of another financial asset, such as the US dollar or gold, as one of their seven main recommendations.As the usage of the digital asset continues to rise due to recent volatility in the <a href="https://www.todaynftnews.com/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrency market</a>, particularly in stablecoins, regulators are particularly wary about the need for regulation.&#x1f449; <a href="https://www.todaynftnews.com/us-regulators-say-crypto-poses-hazards-to-financial-stability-regulations-coming-soon/" rel="noopener noreferrer nofollow">Continue Reading on Today NFT News</a>

US regulators say crypto poses hazards to financial stability, regulations coming soon

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