Is the Cryptocurrency Industry Destined to Relive the Fate of the Banking System?

Governments all over the world only started to develop specific regulatory measures for digital currencies. Biden administration report recommends Congress to pass legislation limiting stablecoin issuance to insured banks. The report suggests that Congress specifically addresses custodial wallet providers, placing them under a federal regulator as well. The biggest risks of these new regulatory measures is that traders could begin to get rid of all stablecoins, triggering “panic selling.” The market could face consequences similar to those experienced by the banking system when people take money out of the banks and spark their collapse.

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