Crypto lobbyists, executives and prominent investors are warning that this week’s turmoil will serve as a wake-up call to Congress about the dangers of a largely unregulated digital asset ecosystem
There’s concern among other stablecoin companies that Washington policymakers might not see the difference between their products and those that led to Terra’s collapse, said Dante Disparte, chief strategy officer and head of global policy for the stablecoin startup Circle.
“This was always exactly the risk scenario for them,” Sam Bankman-Fried, the billionaire founder of the global crypto exchange FTX, said in an interview. Tether, the most widely used stablecoin by market cap, was briefly knocked off its $1 peg early Thursday. The company put out a statement shortly thereafter saying it was back to “business as usual.”
Despite a litany of stablecoin bill introductions and proposals, nothing proposed by members of either party would specifically address what occurred with Terra. Lawmakers are also split on crypto policy broadly. While Warren has emerged as one of the industry’s biggest critics, a growing number of Democrats in recent months have started to embrace digital currency startups amid a major lobbying push.
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