Even though TerraUSD（UST） The crisis is exacerbating the panic of encryption investors , US Treasury Secretary Janet · Yellen （Janet Yellen） But it means , Crypto assets still account for only a small part of the broader financial system , Encrypted goods Currency market dynamics The turmoil does not pose a threat to the stability of the US financial system “ The real threat ”.
Yellen testified before the House Financial Services Committee on Thursday , She doesn't believe that the encryption market has developed enough to constitute “ Systemic risk ” The scale of ：“ I can't say [ Stable currency ] It has reached a level that affects financial stability ”.
a member of the House of Representatives Jim Himes (D-CT) Speaking at the hearing, he said , As 2008 The witness of the financial crisis in , He did not believe 2 The trillion dollar encryption market is large enough to trigger systemic risks , Given the recent collapse of the encryption market , This figure has shrunk to 1.3 Thousands of dollars .
Yellen agreed Himes That's what I'm saying , But she declined to say what level of market capitalization would trigger risk —— for example 5 Trillion dollars or 6 Trillions of dollars .
2008 After the financial crisis , The United States Congress passed legislation to recognize some large financial enterprises （ Including banks and insurance companies AIG） Pose a threat to the U.S. economy “ Systemic risk ”, And implemented a series of supervision on its business operation , Including raising capital reserves .
Yellen also pointed out that , Although cryptocurrency and stable currency have not reached the systematic threshold at present , But the future could change .
She said ：“ I will not describe it as a real threat to financial stability , But they are growing very fast , And brought the same risks as old-fashioned bank runs for centuries ”.
The hearing also discussed UST The collapse of tokens , Before this week ,UST It is the third largest stable currency in the encryption market .
Yellen pointed out , It should have been with 1 Dollar linked UST already “ It's broken ”, And admit UST Wait for the algorithm to stabilize the currency （ Rely on financial incentives to stay pegged to the dollar ） It is essentially different from other stable currencies supported by US dollar reserves .
a member of the House of Representatives Stephen Lynch (D-MA) It also raises the problem of stabilizing the currency , Point out that there are 200 Varied , It is suggested that the issuance of central bank stabilization currency will help to replace most of them .
Yellen pointed out , Financial regulators are studying the feasibility of the central bank's digital currency , But pointed out that if the government is allowed to monitor people's spending , This currency may pose privacy risks .
Congress and the White House are vigorously promoting the implementation of new regulations on the encryption industry . Compared with previous reports , President Biden 3 An executive order was issued in January , Call for enhanced coordination among agencies in cryptocurrency .
At the hearing earlier this week , Yellen called for the adoption of stable currency legislation by the end of the year , Congress passed legislation to stabilize the currency “ It's very important , Even urgent ”.
UST Holder panic leads to Luna The supply of has increased sharply , At the same time, prices plummeted .Luna Supply from 15 Billion additional shares to 323 Billion ,UST The price is from 1 The dollar fell to 0.016 dollar . Digital asset brokers GlobalBlock Encryption Analyst Marcus Sotiriou stay CNN The interview said ：“ If we see this going on for days , Then we will start to be very worried , Very worried about , The impact is so great , It's all unknown ”.
author ：Mary Liu