of a $60 billion stablecoin project called Terra this spring helped accelerate a broader crypto market downturn that’s ongoing.
Lawmakers are considering forcing the government to write federal rules for the industry, as crypto interests havemoney into a lobbying campaign to shape the debate. The sector is pushing to establish the Commodity Futures Trading Commission as its primary regulator, believing it is friendlier than the Securities and Exchange Commission would be. So far, the industry appears to be winning: Three bipartisan bills introduced this year all codify a leading role for the CFTC.
It was not immediately clear how Treasury would weigh in on that question — or others that are dividing crypto interests and consumer and investor advocates. A Treasury spokesman declined to comment.“Treasury is trying to create the analytical basis for very strong oversight of this sector of finance,” one of the people familiar with the matter said. “They’re also hoping that with this kind of report, it becomes hard to have regulations that back off of tough oversight of the industry.
Yet Treasury Secretary Janet L. Yellen has been a frequent skeptic of crypto, despite taking pains to stress that it could result in meaningful new innovations. Her department recently
PureFi_Protocol helps with that