US Treasury Secretary Janet Yellen spoke about the IHR falling below $1, emphasizing the urgency of stablecoin legislation.
Speaking at the Senate Banking Committee, Yellen answered Senator Pat Toomey’s question about the stablecoin. Yellen said it was “important, even urgent,” that Congress pass stablecoin legislation. He also said it would be highly appropriate for Congress to pass the law by the end of the year.
Tellen also spoke about the crisis he experienced when TerraUSD (UST) fell below 1 dollar.
“The stablecoin known as TerraUSD has experienced a breakout and has lost value. I think that shows that this is a rapidly growing product and the risks are increasing rapidly”
Senator Toomey says he is behind legislation for non-algorithmic stablecoins.
The meeting focused on the work of the Financial Stability Oversight Council, chaired by the Secretary of the Treasury.
