BIS Questions Stablecoins' Reliability, SEC Chair Emphasizes Compliance in Crypto, Federal Reserve and CFTC Express Concerns

The Bank for International Settlements (BIS) has raised concerns about the reliability and stability of stablecoins as a means of exchange and store of value. SEC Chair Gary Gensler has also emphasized the need for compliance with the law in the crypto space. The Federal Reserve and CFTC have expressed worries about the potential impact of crypto stablecoins on the US financial system and the need for congressional involvement in regulating crypto. These statements reflect growing regulatory scrutiny and skepticism towards stablecoins and the broader crypto industry.