Last night, Federal Reserve Chairman Powell dropped a bombshell: the long-awaited stablecoin regulatory framework has finally shifted from 'verbal warnings' to actual action, officially tightening the regulatory curtain. This move is by no means an overreaction, but rather aims to put 'compliance reins' on the runaway stablecoins; crypto players must be on high alert!
Stablecoins: seemingly stable as a rock, yet hiding landmines.
Stablecoins ostensibly fly the flag of '1 dollar pegged to 1 coin', leading many to think they are comparable to bank deposits? Not at all; many issuers are playing shadow games behind closed doors. The recent collapse of the Terra stablecoin, which evaporated 40 billion dollars overnight, leaving countless investors with nothing, has made regulators focus entirely on this 'gray area'.
What is even more alarming to the U.S. government is that 90% of dollar stablecoin transactions are actually conducted in overseas markets! It means that the dollar liquidity controlled by Wall Street is quietly transferred to the global 'offshore circulation' by the crypto world, and this 'sense of loss of control' naturally triggers regulatory intervention.
New regulations have emerged: two core tactics lock down loopholes.
Law enforcement authority 'defines boundaries and responsibilities'.
In the past, cryptocurrency regulation was like 'passing the buck', with unclear responsibilities between the SEC and the CFTC. Now the Treasury Department is leading the way in setting rules: stablecoins that want to act as a 'substitute' for digital dollars will be strictly regulated within the banking system; those focusing on technological innovation will be overseen by the SEC. The era of regulatory gaps has come to an end.
Cross-border 'checking the cards'
Those stablecoins hiding behind shell companies registered in the Cayman Islands and supported by 'air endorsements' that want to enter the U.S. market in the future? They must disclose asset reserves and operational details; any attempts to play 'cross-border edge ball' have been completely blocked.
The regulatory curtain has just been raised, and the game has only just begun.
Technological iterations are always ahead of regulations. Today, the debate is whether algorithmic stablecoins count as 'interest-bearing deposits'; tomorrow, new plays may emerge, and regulators will always have to 'chase innovation'. Powell specifically emphasized that it 'won't affect the advancement of central bank digital currencies', making the implication very clear: private stablecoins shouldn't be too wild; the real 'digital dollar orthodoxy' is still behind.
The Federal Reserve's regulatory hammer has placed the first 'compliance shackles' on the wildly growing stablecoins. Next, will stablecoins transition to compliance, or will the market shift to a new track? A new round of reshuffling in the crypto world has already begun.
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