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British FCA wants to take the Terra case into account when it comes to crypto regulation

 


Sarah Pritchard, the chief executive officer of the UK's financial regulator, the FCA, has confirmed that her regulator will take current developments in the crypto market into account when drafting its crypto regulatory rules in 2022.


In this context, according to a Bloomberg report , Pritchard affirms that “of course” the recent decoupling of large stablecoins such as TerraUSD (UST) and Tether ( USDT ) will also be included in the Treasury’s regulatory framework. While market leader USDT only briefly lost its peg on May 12 due to an interim drop to $0.97, the UST has fallen by more than 93% since May 9 and is now at a measly $0.06 -dollar instead of the target rate of 1 US dollar.


"This reminded us very clearly of the major problems that still exist in the crypto market, both in terms of how the market works and investor protection," Pritchard explains in this context. She adds: "Over the past week we've seen massive price moves that are a stark reminder that people need to understand that there are risks in investing their money."


The UK Treasury announced back in April that stablecoins will be part of the upcoming crypto regulation. Above all, their function as a possible "means of payment" is in the foreground.


Meanwhile, the English central bank announced in March that it also wanted to make proposals for the regulation of cryptocurrencies. The Bank of England (BoE) expressly welcomes the Treasury Department's initiative to include stablecoins in such a legal framework.

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