Cryptocurrencies have always generated controversy, especially after their popularization on the internet and in all corners of the world. No wonder the US Treasury Department’s Financial Stability Oversight Board (FSOC) released a worrying report. The document was made public on Monday (3) and caused a lot of comments from analysts and financial experts.
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Can cryptocurrencies threaten the economy? Understand
According to the document, cryptocurrencies can pose a threat to the American economy. In fact, they can become a threat to many economies around the world. This is what the report, minted after a meeting between the US entity and the Secretary of the National Treasury, Janet Yellen, pointed out. Leaders and representatives of the country’s bank agencies and financial institutions also participated.
Cryptocurrencies were classified as “important emerging vulnerability” assets. From now on, US economic policies must consider the regulation of cryptocurrencies and measures to combat them as a central issue in the debate.
“The report concludes that cryptocurrency activities can pose risks to the stability of the US financial system and emphasizes the importance of proper regulation, including enforcement of existing laws,” the secretary said after the meeting.
This is the entity’s first major cryptocurrency report.
The New York Times cited the document as the first major cryptocurrency report the entity has released. The text cites some examples of great concern and that contributed to the emergency classification in the subject.
According to the American newspaper, the collapse of the Terra cryptocurrency (LUNA) highlights one of the problems of the segment. The case happened in May, when “the fall of a single asset led to a downward spiral in prices in the cryptocurrency markets, triggering a wave of bankruptcies, consolidations and layoffs in the sector, leaving many investors prisoners, unable to access their assets,” the document points out.