Gambling & Crypto Writer
The U.S. regulatory bodies have been raising the alarm for the rise of cryptocurrencies, especially stable coins that aim to replace national fiat currencies for a long time. But as crypto gets increasingly mainstream in the past few months, all the risks caused by introducing stablecoin like Tether (USDT) which is pegged with the U.S. dollar are very much real for U.S. government officials. Many states have already imposed crypto laws within the United States of America, individually. In December last year, U.S. regulators have presented a bill called the Stable Act that does not overlook stablecoins and intends to regulate it even further.
The Stable Act remains a proposed regulation that is yet to be passed by Congress. It has several inclusions such as the following:
Many have started propaganda against the Stable Act calling it needless but they have not thought things through because the U.S. government has introduced the bill as a measure to save crypto owners and traders from suspicious stablecoin issuers.
The U.S. Securities and Exchange Commission (SEC) considers Tether (USDT) and its owner company as one such shady enterprise that involves billions of dollars worth of unverified USDT issuance. The company got caught up in a huge controversy in 2018 when it was discovered that each one of USDT that this company mint is not actually pegged with one U.S. dollar as advertised since the inception of the project.
Following steps should be taken by those who still own stablecoins
The cryptocurrency scene is as rewarding as it is challenging for those who have no idea which of the over 2000 crypto projects including several stablecoins are worth investing.