US Treasury Official: Stablecoin UST’s Collapse “Wake Up Call’ For Crypto

From blockworks.co

Cryptocurrency is growing dangerous fast, a US Treasury official said Tuesday. Michael Hsu, acting director of the Office of the Comptroller of the Currency, told attendees at the DC Blockchain Summit that the fallout from the stablecoin UST’s de-pegging from its one-to-one standing with the US dollar should “serve as a wake up call and an opportunity to reset and recalibrate the problems the industry is trying to solve.” It was promising that there was no contagion to the banking system as a result of the de-pegging, Hsu said, but this further highlights the need for safe havens outside of crypto. “No banks ... (full story)