FCA will ‘absolutely’ consider recent stablecoin depegging when drafting crypto rules: Report By Cointelegraph

FCA will ‘absolutely’ consider recent stablecoin depegging when drafting crypto rules: Report

Cryptocurrency May 22, 2022 09:00PM ET

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FCA will ‘absolutely’ consider recent stablecoin depegging when drafting crypto rules: Report

Sarah Pritchard, the executive director of markets at the United Kingdom’s Financial Conduct Authority, or FCA, reportedly said that the regulator will look at the recent volatility in the crypto markets when creating rules for the space in 2022.

According to a Friday Bloomberg report, Pritchard said the financial regulator will “absolutely” take into account stablecoins like TerraUSD (UST) and Tether (USDT) depegging from the United States dollar in drafting regulatory guidelines with Her Majesty’s Treasury for release later this year. While the USDT price only briefly dropped to $0.97 on May 12, UST has fallen more than 93% since May 9 to reach roughly $0.06 at the time of publication.

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FCA will ‘absolutely’ consider recent stablecoin depegging when drafting crypto rules: Report

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