Former SEC Internet Enforcement Director: The U.S. Encryption Field Is Suffering "Unprecedented Financial Regulatory Impact"

2023/08/11 06:35

According to John Reed Stark, former director of SEC Internet law enforcement, the US cryptocurrency field is facing an "unprecedented financial regulatory impact" on X. Stark first emphasized the "new activity supervision plan" launched by the Federal Reserve (Fed) on August 8. Stark said that part of the plan is aimed at regulating US banks' participation in dollar-backed tokens, such as the recently launched PYUSD or other stablecoins. This will be a "challenging" task for most traditional banks, as the Fed will judge their ability to manage the many risks associated with these tokens.

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