יו.

Treasury Secretary Janet Yellen is still calling for stablecoin legislation by the end of the year.

In response to questioning on stablecoins from Senator Pat Toomey (R-PA) at a May 10 hearing, Yellen confirmed that “it is important, even urgent” that Congress pass stablecoin legislation. She further called it “highly appropriate” that Congress do so by the end of the year. 

באַקומען דיין קריפּטאָ טעגלעך קורץ

איבערגעגעבן טעגלעך, גלייך צו דיין ינבאָקס.

Yellen specifically highlighted the weekend’s drama surrounding TerraUSD (UST), saying: 

"א סטאַבלעקאָין באקאנט ווי TerraUSD האט יקספּיריאַנסט אַ לויפן און דיקליינד אין ווערט. איך טראַכטן אַז דאָס סימפּלי אילוסטרירט אַז דאָס איז אַ ראַפּאַדלי גראָוינג פּראָדוקט און עס זענען ראַפּאַדלי גראָוינג ריסקס.

Toomey, for his part, is behind a piece of legislation seeking to address non-algorithmic stablecoins. In response to Yellen, he noted an “important distinction” with algorithmic stablecoins like UST. 

The hearing focused on the work of the Financial Stability Oversight Council, a supervisory regulator that the Treasury Secretary presides over. The President’s Working Group report on stablecoins from November highlighted that failing congressional action, FSOC should take action to regulate crypto.