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Next week on December 17th will be a meeting of the Financial Stability Oversight Board (FSOC). This body was created by the US Congress under the Dodd-Frank Act in 2010 to protect the national economy from a repeat of the 2008 crisis.
The FSOC meets when it is necessary to discuss and take urgent measures to address real threats to financial stability, next Friday the Council will discuss cryptocurrencies.
This agenda was chosen by US Treasury Secretary Janet Yellen. Under the Dodd-Frank Act, she serves as chair of the FSOC, allowing for the setting of meeting topics.
The submission of cryptocurrencies for discussion by the Council is due to the fact that the US Treasury failed to take over the authority to regulate stabilokins. In November, the department tried to ban the issuance of dollar-pegged tokens at the regulatory level, allowing their issue only to holders of a banking license. At the same time, the Ministry of Finance insisted on the storage of security fiat funds by giving them under the control of the Treasury.
A number of congressmen opposed these initiatives, reminding Yellen that banking policy can only be changed at the legislative level in Congress. She understands that this will take several years, during which the administration of the White House may change and she will lose her post.
Things will accelerate if the FSOC recognizes cryptocurrencies as a systemic financial threat. It is necessary to convince the heads of the Fed, SEC, CFTC, OOC and other regulators that make up the anti-crisis body. The debate of the FSOC meeting next Friday will be held in open mode and may negatively affect the cryptocurrency market.
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