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Image: Regulators threaten stablecoin actions if Congress fails to act, warning that stablecoin claims may not be backed up by actual deposits

(Natural News)
A noted group of financial regulators has said it will move against stablecoins if lawmakers won’t pass a broad measure to rein in the tokens, in what is seen as the latest sign that the Biden regime wants to intervene in cryptocurrencies under the guise that they are a threat to the global financial order.

In fact, the Financial Stability Oversight Council has become fixated on regulating digital assets, as noted in the group’s annual report that was published late last week. The regulatory body “highlighted the dangers posed by climate change, meme stocks and vulnerabilities exposed by the failure of Archegos Capital Management,” Bloomberg reported.

The council, which consists of all the chiefs of U.S. financial agencies, has become increasingly active over the past year since Joe Biden was gifted the presidency after remaining mostly dormant during the successful Trump administration.

Even as the regime prints money like it’s going out of style, the regulatory panel claims that “purported reserves backing stablecoins” are not trustworthy and that losses could wind up trigging a panic that mimics runs on banks. In November, for instance, the President’s Working Group on Financial Markets called on lawmakers to tackle the issue, passing legislation that establishes bank-like rules for crypto coin issuers — as though the current crop of congressmen and women are geniuses when it comes to money given the country’s $29 trillion national debt.

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